Haitian American Sugar Company, HASCO
Here is a picture of the Haitian American Sugar Company, Hasco.
Haitian American Sugar Company (HASCO) closed its doors in 1987, putting 3,500 refinery workers out of work. Dominican smugglers, able to bypass a government tax, caused the selling of refined sugar to plummet, making HASCO bankrupt.
President Duvalier ordered HASCO to stop refining sugar, while his government imported refined sugar at global market prices, making a profit when it resold it.
HASCO, in hock for $7.6 million, paid workers off with a borrowed $1.5 million.« Previous · Next »