According to the report, the embargo imposed by Canada over caused Telemus to lose its main customer, Turkish Aerospace Industries (TAI), ultimately leading to the firm’s bankruptcy.
“Despite the company’s repeated attempts to reach a resolution with Global Affairs Canada, including explaining the material adverse impact on the company’s financial situation and solvency, the company’s Turkish export permits remained suspended,” the MEE cited a KPMG report as saying.
“As a result of the government sanctions, the company was no longer able to generate any revenue."
