Copa Airlines Of Panama References Potential For Libertad Act Lawsuit Due To Cuba Operations. "...we could face such claims in the future."
/United States Securities And Exchange Commission
Washington DC
Form 20-F
23 April 2021
Our operations in Cuba may adversely affect the market price of our Class A shares
We currently offer passenger, cargo and mail transportation services to and from Cuba. For the year ended December 31, 2020, our transported passengers to and from Cuba represented approximately 4.5% of our total passengers. Our operating revenues from Cuban operations during the year ended December 31, 2020 represented approximately 1.4% of our total consolidated operating revenues for the year. Our assets located in Cuba are not significant.
The United States administers and enforces broad economic and trade sanctions and restrictions against Cuba, and groups opposed to the Cuban regime may seek to exert pressure on companies doing business in Cuba. U.S. policy towards Cuba has been in flux in recent years and uncertainty remains over the future of U.S. economic sanctions against Cuba and the impact such sanctions will have on our operations, particularly if the United States imposes additional relevant sanctions. While we believe our operations in Cuba are in compliance with all applicable laws, any violations of U.S. sanctions could result in the imposition of civil and/or criminal penalties and have an adverse effect on our business and reputation.
Additionally, Title III of the Cuban Liberty and Democratic Solidarity (Libertad) Act of 1996 (the Helms-Burton Act) provides a cause of action for U.S. nationals to bring claims against any person who traffics in property expropriated by the Cuban Government. The scope of any potential claims under the Helms-Burton Act are uncertain and companies with commercial dealings in Cuba have faced claims for damages; we could face such claims in the future. Emphasis Added.
Certain U.S. states have enacted or may enact legislation regarding investments by state-owned investors, such as public employee pension funds and state university endowments, in companies that have business activities with Cuba. As a result, such state-owned institutional investors may be subject to restrictions with respect to investments in companies such as ours, which could adversely affect the market for our shares.
As a part of our strategic relationship with UAL, Copa provides flights through code-sharing arrangements to over 200 other destinations. In addition to code-shares provided with our Star Alliance partners, Copa also has code-sharing arrangements in place with several other carriers, including Air France, KLM, Iberia, Air Europa, Emirates, Gol, Azul and Cubana.
Cuba, Dominican Republic, Haiti, Jamaica, Puerto Rico, Aruba, Curaçao, St. Maarten, Bahamas, Barbados, and Trinidad and Tobago combined represented the following revenue percentages: 2020- 2.7% ; 2019- 3.8%; 2018- 3.7%; 2017- 3.7%; 2016- 5.9%.
Copa currently offers approximately 104 daily scheduled flights among 54 destinations in 25 countries in North, Central, South America and the Caribbean from its Panama City hub. Copa provides passengers with access to flights to more than 200 other destinations through code-share arrangements with our Star Alliance partners and other carriers including Air France, KLM, Iberia, Emirates, Gol, Azul, Tame, Cubana and Aeromexico. Through its Panama City hub, Copa Airlines is able to consolidate passenger traffic from multiple points to serve each destination effectively.
LINK To 20-F Filing
LINK To Libertad Act Title III Lawsuit Filing Statistics
Aviacionline.com
Buenos Aires, Argentina
6 January 2022
Being Cuba one of the Panamanian company’s most important markets, and after the lifting of the restrictions imposed by the island, COPA now reestablishes connections to Santa Clara (SNU) and increases its flights to Havana (HAV).
As reported by ECASA, the Cuban Company of Airports and Airport Services, and further confirmed by Cirium and the company itself, COPA increased from two to four daily flights to Havana (HAV) on January 3, and before the end of the month, it will operate five services a day. Besides, as of January 11, it will resume flights to Abel Santamaría International Airport, which serves Santa Clara, with flights on Tuesdays. As of February, they will increase to two weekly services.
The airline encouraged passengers to stay informed about the requirements established both by Copa and by the immigration and health authorities of the destination country. Tickets for these new flights are already available both on Copa’s website and at sales offices and travel agencies. Copa , Conviasa, Fly Allways, and Wingo are the only companies that offer connectivity to the island from Central and South America. Because of its wide range of destinations, the Panamanian airline plays an important role in connections to the Caribbean country. Avianca and LATAM have not shown any signs of an early return to Havana (HAV).
