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GE settles Cuban sanctions case for $2.7M

General Electric Co. will pay about $2.7 million to settle claims that it breached U.S. sanctions on Cuba, the U.S. Treasury Department announced.

Three current and former GE subsidiaries, GE Betz, Bentley Nevada and Getsco Technical Services Inc., allegedly violated the Cuban Assets Control Regulations 289 times between December 2010 and February 2014.

The companies accepted payment from Cuba's Cobalt Refinery Co., which was blacklisted by the U.S. in 1995, the Treasury claimed. Cobalt is a joint venture between a GE Canadian customer and the Cuban government.

GE no longer has a business relationship with the Canadian customer, which a company spokeswoman said was Sherritt International Corp., The Wall Street Journal reported.

The Treasury said that the statutory maximum civil penalty applicable in this case was about $18.8 million, but considering GE's voluntary disclosure, its remedial measures and overall cooperation with regulators, the amount was reduced to about $2.7 million.