HAVANA, Nov 1 (ACN) Avianca Holdings ("Avianca") informs that, while they resolve a pending matter with the U.S. Office of Foreign Assets Control ("OFAC") related to their Cuba-related commercial operations, Avianca will suspend ticket sales to and from Cuba as of October 31, 2019.
As previously reported on October 23rd, because of the financial structure to obtain a loan, Synergy Aerospace Corp. ("Synergy"), a majority shareholder of Avianca Holdings, formed in Delaware, United States, the limited liability company BRW, to which Synergy unilaterally transferred all its shares of Avianca Holdings.
At that moment, Avianca became considered a company subject to U.S. regulations with respect to the economic blockade that the United States holds against Cuba; therefore, after reviewing the case, Avianca identified that its commercial operations to and from Cuba could have unintentionally infringed the U.S. Cuban Assets Control Regulations ("CACR").
Avianca voluntarily disclosed this situation to the U.S. authorities (OFAC), and Avianca is cooperating with OFAC to provide the necessary information to achieve timely resolution of this matter.
As part of the tightening of the blockade imposed on Havana nearly six decades ago, the U.S. government announced last Oct. 25 it will suspend flights of its airlines to several Cuban airports, except in Havana.