Imperial Brands PLC ADR (IMBBY)

[deet49]

IMBBY Imperial will still be subject to the lawsuit, despite the sale.

“The statute of limitations goes back two years prior to the cessation of trafficking,” said Nick Gutiérrez. “They can still sue Imperial either way.” https://www.cubastandard.com/imperial-brands-cigar-sale-to-be-completed-by-end-of-this-month/

Helms-Burton exposure

In August 2020, the heirs of Cuban cigar entrepreneur Ramón Rodríguez Gutiérrez, who owned and operated the Partagás factory building in Havana, filed suit in federal court in Miami, accusing Imperial of profiting from confiscated property. The plaintiffs are asking the district court for unspecified damages.

A plaintiff’s lawyer argues that the Chinese buyers will be liable under Title III of he Helms-Burton law, which punishes “trafficking” of property confiscated by the Cuban state after the revolution.

“Imperial Brands and Instant Alliance have entered into a commercial arrangement for the sale of Habanos that uses or otherwise benefits from confiscated property,” said Evan Stroman, a Miami attorney who represents the heirs to the extinct Banco Nuñez in their Title III case against French bank Société Générale SCGLY. “Both Imperial Brands and Instant Alliance are in violation of Title III and Title IV.”

Under Title IV, the U.S. Secretary of State can deny entry visas to officials from both companies.

Go NICK Go FRAZ