Do Homework Before Investing Abroad

MiamiHerald.com:

George R. Harper, a 66-year-old attorney, has spent most of his professional life advising clients in the United States and overseas on issues related to international investing, finance, franchising, commercial transaction and aviation-related activities. But even before he became a lawyer, Harper was keenly aware of foreign investment risk. Harper’s father owned and operated a 10,000-acre ranch in Sancti Spíritus, Cuba, that was expropriated when Fidel Castro took power. After getting some support from the Cuban revolutionary army lieutenant who had taken over his ranch and other officials, Harper’s father decided he would try to collect enough money from the new regime to at least cover part of his farm equipment.
homework

The former landowner went to Castro’s office, explained his case to the comandante’s secretary and waited in the office three days, listening to her enthusiastic accounts of the “glorious revolution.”

Castro finally showed up, and Harper’s father was ushered into the inner sanctum, Harper said. Without even looking at the pile of documents the petitioner had brought, Castro wrote a check for $195,291.62 and signed it, according to the elder Harper’s memoirs. The expropriated landowner took the check, said ”gracias” and left. ”While he was not compensated for his land or the value of his cattle and crops, at least he got something,” George Harper said from his Brickell Avenue office overlooking Miami.

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