Sysco Corp. Terminates Letter of Intent With Cuba
The Houston Chronicle has reported that Sysco Corp., the largest food distributor in the U.S., has retracted a letter of intent signed by its Alabama subsidiary to sell additional food products to Cuba. The article reports that the letter of intent included a statement that the Sysco subsidiary would work to normalize trade relations between Cuba and the United States. However, the language in the letter of intent conflicted with Sysco's corporate policy that prohibits subsidiaries from making political or government policy statements.
The inclusion of language requiring the U.S. party to work to normalize trade relations between Cuba and the United States is commonly included in letters of intent and other agreements negotiated by the Government of Cuba to purchase food and agricultural products from the U.S. Sales of food and agricultural products to Cuba are permitted by TSRA, the Trade Sanctions Reform and Enhancement Act of 2000.
The complete story can be viewed at the following link: www.chron.com/cs/CDA/ssistory.mpl/front/2754890.
|posted by Douglas N. Jacobson| Permalink 
