Analysis Brief: Potential Sanctions for European Companies within the Habanos network
To make things easier for our readers, here is a detailed organizational chart in both image and text format, aiming to provide a better understanding of how the sanctions ripple through the various countries, jurisdictions, and companies within the Habanos Group that are—or could be—affected by the EU sanctions. This is far from a brilliant piece of writing or a captivating read, but it is highly informative for other journalists, cigar nerds, as well as retailers and end consumers in and around Europe who feel the need information—especially given that Habanos itself is not sharing very much. This is, of course, interesting from other perspectives as well. According to the latest figures for 2024, Habanos generated USD 827 million in global revenue, with Europe accounting for more than half of that. A Europe that now risks losing just over USD 400 million in sales. This is a textbook example of how ownership assessments and regulatory compliance can have concrete commercial consequences for an international corporate group, and how ownership structures and regulatory risks can impact an entire market. It also highlights what happens when a central distributor loses its license and how that can affect the entire group. Because France, the UK, Spain, Italy, and Hungary also have ownership assessment processes similar to the ones in Sweden, and the question now is what those reviews will ultimately lead to.
Published: 2026-07-20, 14:16, Written by: Hatem Sabbagh Photo: Screendump Habanos Nordic/Elite Trading Scandinavias website
We use AI and Google Translate for translations, with some review to enhance readability. Pardon the Spanglish.
Disclaimer: Cigarrvärlden is owned and operated by Cigarrklubben CK Sverige AB, which also operates a cigar club and has a foot in both camps. To put it mildly. Divison and separation of operations and the editorial is explained under the section "Conflicts of Interest (in Swedish)". Cigarrvärlden operates under a ‘certificate of no legal impediment to publication conferring constitutional protection’ (utgivningsbevis). With this certificate, Cigarrvärlden enjoys a special legal status in Swedish law under the freedom of expression act. Cigarrklubben CK Sverige AB does not sell and have ever sold cigars or tobacco in any way, shape or form.
This is an analysis, the writer is responsible for the analysis in the text.
Elite Trading Scandinavia AB is owned by the Cuban tobacco monopoly and Chen Zhi, who has been under scrutiny September of last year. Chen Zhi was indicted by the DOJ in October of last year and had approximately USD 15 billion seized. Elite Trading Scandinavia AB had its tobacco license revoked due to its close ties to Chen Zhi, who has been in Chinese custody since January of this year. In June of this year, China announced that he will be prosecuted and faces the death penalty. Shortly after that, in late July, the EU imposed sanctions against Chen Zhi, who has also been on OFAC's sanctions list since October of last year
Furher reading: To get a grasp of how sanctions work from a legal perspective we recommend reading Cigarrvärlden's article The Consequences of the EU's Sanctions Against Chen Zhi for Sweden in Particular and the EU in General."
What is crucial to understand is primarily the concept of control: whoever owns more than 50% of a company controls it 100%. Internally, things can differ due to shareholder agreements and articles of association, the number of board seats, how many votes each member has, and how many people represent each owner. However, from a sanctions perspective, it is relatively simple to operate based on the absolute worst-case scenario.
Since no one has insight into what the internal power distribution looks like within Allied Cigar Fund LP (see the section below describing the ownership in each company), and since Chen Zhi owns more than 50%, one cannot be entirely certain that he does not exercise total control with his 57.1%. And if you are not entirely certain, sanctions legislation dictates that you must treat the company as if it is tainted by sanctions. In other words, you need to be 100% sure that everything is done by the book; if you are only 99% sure, you must treat a company—or a transaction, for that matter—as completely illegal. That is the prevailing mantra.
The text is essentially structured just like the organizational chart in image 1, but in written form. Every company name is marked in yellow. An indentation means that it is a subsidiary of the company above it. In some cases, there are double indentations, which means it is a subsidiary of a subsidiary.
For the companies Phoenicia and Kaliman, we use the term "likely" regarding the entities that fall under the same national group, meaning Phoenicia Cyprus and Kaliman Bulgaria. The uncertainty relates to whether the companies are structured as subsidiaries to Cyprus and Bulgaria, or as subsidiaries to Altabana S.L.
At the beginning of each paragraph, we repeat the entire chain of ownership. It is a bit repetitive, but it makes things easier so you don't have to scroll back and forth. After each presentation of an ownership chain, we compress the line of ownership for the company being discussed—the one marked in yellow—connecting it directly to its ultimate ownership by skipping all the intermediate steps. Essentially, this is to help grasp who the ultimate beneficial owner is. From a sanctions perspective, this is how the term "owned" is applied.
When it comes to the phrase "likely owned locally" for some of the subsidiaries with local ownership, the uncertainty stems from the fact that we know that that specific part of the ownership does not, at any rate, belong to Chen Zhi or the Cuban state. We know there are other local owners, but we do not necessarily have a complete picture of the local ownership structure, nor is it relevant to the sanctions surrounding Chen Zhi.
Many of the companies are holding companies or operations that are unknown to us, but the companies we know to be distributors in a specific market are noted as such.
A large part of the information in the organizational chart was made available to Cigarrvärlden thanks to halfwheel in connection with their article American Sanctions Have Torn Apart the World’s Largest Premium Cigar Business.
The Organisation
At the top is Chen Zhi - residing in Cambodia, but born in China. Since October 14, 2025, he has been on the Office of Foreign Assets Control's sanctions list, known as OFAC. He has been in Chinese custody since January 2026 and on the EU's sanctions list since July 30, 2026, for human rights violations, which form the basis for economic sanctions.
Image 1: Organizational chart, compiled by Cigarrvärlden. The Cuban ownership has several layers before reaching Altabana S.L., but for this purpose, the focus is on Chen Zhi's ownership.
Chen Zhis Companies In Tax Havens
Simply Advanced Ltd - British Virgin Islands - Owned 100% by Chen Zhi. On the OFAC sanctions list as of October 14, 2025. Sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Allied Cigar Fund LP - Cayman Islands - Owned 57.1% by Chen Zhi. Who owns the remaining 42.9 percent of Allied Cigar Fund LP has remained a mystery. Reports in the Spanish publication El Confidencial claim that it is now owned by a fund linked to the royal family of the United Arab Emirates. The ownership is reportedly held by the company Renovaire Group Holding RSC via the companies Horizon Glory Global Limited and Digital Harvest Limited. Cigarrvärlden has not been able to confirm this information. The same source states that Chen Zhi's share is now to be sold, probably to the aforementioned minority owner. It has also been alleged that Chen Zhi's former associate Alvin Chau owned the remainder. Regardless of who holds the minority ownership, there are several challenges here from a sanctions perspective.
Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026. If someone manages to buy Chen Zhi's share in Allied Cigar Fund, it will not solve any problems either, because the actual purchase of his share is a sanctions violation, which would then make the new owner sanctions-tainted as well.
Supreme Treasure International Ltd - British Virgin Islands - Owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Asia Uni Corporation Ltd - Hong Kong - Owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted.
Companies in Spain with Ties to Chen Zhi
Allied Cigar Corporation S.L.U - Spain - Owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Allied Cigar Corporation S.L.U has banking relationships with Banco Bilbao Vizcaya Argentina, Banco Santander, and Banca March.
In addition to this, Allied Cigar Corporation S.L.U has a credit line from Corporación Habanos, S.A., which at the end of 2022 amounted to nearly EUR 75 million, and an additional credit line from Allied Cigar La Romana of EUR 15.5 million.
Furthermore, Allied Cigar Corporation S.L.U has receivables from its own wholly-owned companies Tabacalera Brands S.L.U, Universal Brands S.A, and ITI Cigars S.L.U amounting to EUR 6.7 million relating to tax consolidation.
Image 2: Excerpt from Allied Cigar Corporation's financial statements.
Tabacalera Brands S.L.U - Spain - Owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Universal Brands S.A - Spain - Owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
ITB Corporation y Cia SRC - Spain - Owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Promotora de Cigarros S.L - Spain - Owned 50% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Chen Zhi thus controls 50% of Promotora de Cigarros S.L, which is the threshold for the EU sanction to be applicable.
Carib Cigars Corp NV-Curaçao - Owned 25% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi.
Chen Zhi thus controls 25% of Carib Cigars Corp NV, which is below the threshold for the EU sanctions.
Curaçao as a country may fall under the EU sanction even though it is an autonomous territory, as it belongs to the Netherlands.
Infifon APS - Denmark - Owned 50% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi.
Chen Zhi thus controls 50% of Infifon APS, which is the threshold for the EU sanction to to be applicable. It is possible, however, that the Danish company was already liquidated in 2022.
Tabacalera S.L.U - Spain - Owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Tabacalera S.L.U is interesting from several perspectives. This is where all sales from Spain end up, which for a long time was Habanos's largest market globally, but has recently seen itself surpassed by China—or Asia, if you prefer—and relegated to second place.
Tabacalera S.L.U falls outside the joint ownership with the Cuban state, which has historical explanations rooted in various types of mergers and consolidations of European tobacco monopolies. But this means that Chen Zhi, from a sanctions perspective, controls 100% of the company and thus all of its funds and profits.
There are also other factors indicating that Tabacalera S.L.U is sanctions-tainted. In the beginning of the year Spain's Tabacalera SLU (57.1% owned by Chen Zhi) faced severe operational challenges. Due to international sanctions, multiple banks froze Tabacalera's accounts and denied its loan requests. In February, the company filed for pre-concurso (pre-bankruptcy status), a legal mechanism that protects existing assets and obligations. This allowed the company to maintain daily operations while actively attempting to sever ties with Chen Zhi to escape the sanctions net.
The strategy paid off in early May, when Tabacalera was was granted formal exemptions from sanctions by both the U.S. Office of Foreign Assets Control (OFAC) and the UK’s Office of Financial Sanctions Implementation (OFSI).
Distributor for Spain and the Spanish Duty Free.
ITI Cigars S.L.U - Spain - Owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
The Cuban Tobacco Monopoly in the EU and Connections to Chen Zhi
Altabana S.L - Spain - Owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Altabana S.L is thus owned 50% by Chen Zhi through companies that he controls 100%. The remaining 50% is owned by the Cuban state.
Infifon I B.V - The Netherlands - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Infifon I B.V is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Cigarte Ibérica S.L - Spain - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Cigarte Ibérica S.L is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Commercial Iberoamericana S.A - Spain - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Commercial Iberoamericana S.A is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Cuba Cigar S.L - Spain - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Cuba Cigar S.L is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Distributor for the Canary Islands.
Empor Importacao & Exportacao S.A - Portugal - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Empor Importacao & Exportacao S.A is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Distributor for Portugal.
Laguito 1942 N.V - Belgium - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Laguito 1942 N.V is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Laguito 1942 N.V lost its banking relationships this past spring in connection with the OFAC sanctions against Chen Zhi, as reported by the cigar blog L´Amateur de cigare citing anonymous sources.
Distributor for Belgium, the Netherlands, and Luxembourg.
Corprova S.A.R.L - France - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Corprova S.A.R.L is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Corprova S.A.R.L was for a long time Habanos's second-largest market globally, but has recently seen itself pushed down to sixth place as China, or Asia, has taken the the lead.
Distributor for France, French Duty Free, Algeria, and Monaco.
Elite Trading Scandinavia AB fd Habanos Nordic AB - Sweden - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Elite Trading Scandinavia AB is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Regarding Elite Trading Scandinavia AB, there are other factors indicating sanctions contagion; the fact that Chen Zhi is considered to have significant control over the company, which led the Municipality of Gothenburg to revoke Elite Trading Scandinavia's tobbaco license, is one such circumstance. Another circumstance is that Elite Trading Scandinavia appealed to the Administrative Court, which ruled in favor of the Municipality of Gothenburg. Thus, there are two authorities that consider him to have a significant influence over the operations through his 50% ownership.
Image 3: Screen shot from Habanos Nordics old website, now Elite Trading Scandinaviawith information regarding exiting things to come.
According to the Cuban Communist party online newspaper Granma, the Cuban ownership in the Swedish entity meant that Swedbank and SEB threw out Habanos Nordic as customers in 2023. Due to bank secrecy, this could not be confirmed, but when asked in general terms, Swedbank replied that if a company was owned by the Cuban state, this would be “outside their risk appetite”.
According to the latest information available to Cigarrvärlden, Elite Trading Scandinavia currently banks with Handelsbanken
Elite Trading Scandinavia has recently announced that they areundergoing a voluntary liquidation, but this creates new challenges regarding the transfer of funds to the owners due to the sanctions once the liquidation is to be finalized.
Distributor for Scandinavia and the Baltics.
Phoenicia T.A.A (Cyprus) Ltd - Cyprus - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Phoenicia T.A.A (Cyprus) Ltd is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Phoenicia Fereos Hellas S.A - Greece - Likely owned 100% by Phoenicia T.A.A (Cyprus) Ltd, which is owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Phoenicia Fereos Hellas S.A is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Kaliman Caribe COD - Bulgaria - Owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Kaliman Caribe COD is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Distributor for Albania, Armenia, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Montenegro, North Macedonia, Romania, Serbia, and Slovenia (applies to all companies in the Kaliman group).
Kaliman Caribe Tirana Sh. P.k - Albania - Likely owned 100% by Kaliman Caribe COD, which is owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Kaliman Caribe Tirana Sh. P.k is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Albania is, however, not in the EU, but it is a candidate country, which means that sanctions could theoretically be introduced.
Kaliman Caribe DOOL - North Macedonia - Likely owned 100% by Kaliman Caribe COD, which is owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Kaliman Caribe DOOL is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
North Macedonia is, however, not in the EU, but it is a candidate country, which means that sanctions could theoretically be introduced.
Kaliman DOO Beograde - Serbia - Likely owned 100% by Kaliman Caribe COD, which is owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Kaliman DOO Beograde is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Serbia is, however, not in the EU, but it is a candidate country, which means that sanctions could theoretically be introduced.
Kaliman Caribe YER LLC - Armenia - Likely owned 100% by Kaliman Caribe COD, which is owned 100% by Altabana S.L, which is owned 50% by ITI Cigars S.L.U, which is owned 100% by Tabacalera S.L.U, which is owned 100% by Allied Cigar Corporation S.L.U, which is owned 100% by Asia Uni Corporation Ltd, which is owned 100% by Supreme Treasure International Ltd, which is owned 100% by Allied Cigar Fund LP, which is owned 57.1% by Chen Zhi. Since we cannot rule out what is happening with the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore to be considered sanctions-tainted due to the EU sanction against Chen Zhi as of July 30, 2026.
Kaliman Caribe YER LLC is thus owned 50% by Chen Zhi through companies that he controls 100%, which is the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Armenia is, however, not in the EU, but has entered into a trade agreement with the EU, a so-called CEPA agreement, which means that sanctions could theoretically be introduced either on their own initiative or following political pressure from the EU. CEPA countries can also pose a sanctions risk, meaning that these countries can be used to circumvent sanctions.
Diadema SpA - Owned 60% by Altabana S.L., which is owned 50% by ITI Cigars S.L.U., which is 100% owned by Tabacalera S.L.U., which is 100% owned by Allied Cigar Corporation S.L.U., which is 100% owned by Asia Uni Corporation Ltd, which is 100% owned by Supreme Treasure International Ltd, which is 100% owned by Allied Cigar Fund LP, which is 57.1% owned by Chen Zhi. Because we cannot rule out what happens to the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore considered tainted by sanctions due to the EU sanction against Chen Zhi as of July 30, 2026.
Diadema SpA is thus 30% owned by Chen Zhi through companies he controls 100%, which is below the threshold for the EU sanction. The remaining 30% is owned by the Cuban state. The remaining 40% is likely locally owned.
Distributor to Italy, Vatican City, and San Marino.
Fifth Avenue Products Trading GmbH - Germany - Owned 56% by Altabana S.L., which is owned 50% by ITI Cigars S.L.U., which is 100% owned by Tabacalera S.L.U., which is 100% owned by Allied Cigar Corporation S.L.U., which is 100% owned by Asia Uni Corporation Ltd, which is 100% owned by Supreme Treasure International Ltd, which is 100% owned by Allied Cigar Fund LP, which is 57.1% owned by Chen Zhi. Because we cannot rule out what happens to the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore considered tainted by sanctions due to the EU sanction against Chen Zhi as of July 30, 2026.
Fifth Avenue Products Trading GmbH is thus 28% owned by Chen Zhi through companies he controls 100%, which is below the threshold for the EU sanctions. The remaining 28% is owned by the Cuban state. The remaining 44% is likely locally owned.
Despite the ownership falling below the threshold, Fifth Avenue Products Trading GmbH lost its banking relationships this past spring in connection with the OFAC sanctions against Chen Zhi, according to reports by L'Amateur de Cigare citing anonymous sources.
Distributor to Germany, Austria, and Poland.
The Non-EU Cuban Tobacco Monopoly with Connections to Chen Zhi That Could Be Affected by Sanctions
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Intertabac A.G - Switzerland – Owned 50% by Altabana S.L., which is owned 50% by ITI Cigars S.L.U., which is 100% owned by Tabacalera S.L.U., which is 100% owned by Allied Cigar Corporation S.L.U., which is 100% owned by Asia Uni Corporation Ltd, which is 100% owned by Supreme Treasure International Ltd, which is 100% owned by Allied Cigar Fund LP, which is 57.1% owned by Chen Zhi. Because we cannot rule out what happens to the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore considered tainted by sanctions due to the EU sanction against Chen Zhi as of July 30, 2026.
Intertabac A.G. is thus 25% owned by Chen Zhi through companies he controls 100%, which is below the threshold for the EU sanctions. The remaining 25% is owned by the Cuban state. The remaining 50% is likely locally owned.
Switzerland is not subject to EU sanctions but usually aligns itself with EU sanctions.
Distributor to Switzerland, Switzerland Duty Free, Liechtenstein, Monaco, and Samnaun.
Infifon II Netherlands Antilles - Netherlands – Owned 100% by Altabana S.L., which is owned 50% by ITI Cigars S.L.U., which is 100% owned by Tabacalera S.L.U., which is 100% owned by Allied Cigar Corporation S.L.U., which is 100% owned by Asia Uni Corporation Ltd, which is 100% owned by Supreme Treasure International Ltd, which is 100% owned by Allied Cigar Fund LP, which is 57.1% owned by Chen Zhi. Because we cannot rule out what happens to the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore considered tainted by sanctions due to the EU sanction against Chen Zhi as of July 30, 2026.
Infifon II Netherlands Antilles is thus 50% owned by Chen Zhi through companies he controls 100%, which meets the threshold for the EU sanction to to be applicable. The remaining 50% is owned by the Cuban state.
Infifon II Netherlands Antilles also operates in countries under other sanctions, primarily Russia, Belarus, and Moldova.
Distributor to Russia, Russia Duty Free, Belarus, Uzbekistan, Turkmenistan, Kyrgyzstan, Tajikistan, Azerbaijan, and Moldova.
Lippoel Tobacco Corp. International NV- Curaçao - Owned 55% by Altabana S.L., which is owned 50% by ITI Cigars S.L.U., which is 100% owned by Tabacalera S.L.U., which is 100% owned by Allied Cigar Corporation S.L.U., which is 100% owned by Asia Uni Corporation Ltd, which is 100% owned by Supreme Treasure International Ltd, which is 100% owned by Allied Cigar Fund LP, which is 57.1% owned by Chen Zhi. Because we cannot rule out what happens to the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore considered tainted by sanctions due to the EU sanction against Chen Zhi as of July 30, 2026.
Lippoel Tobacco Corp. International NV is thus 27.5% owned by Chen Zhi through companies he controls 100%, which is below the threshold for the EU sanctions. The remaining 27.5% is owned by the Cuban state. The remaining 45% is likely locally owned.
Curaçao as a country may be subject to EU sanctions even though it is an autonomous territory because it belongs to the Netherlands.
Gravit S.A - Andorra - Owned 33% by Altabana S.L., which is owned 50% by ITI Cigars S.L.U., which is 100% owned by Tabacalera S.L.U., which is 100% owned by Allied Cigar Corporation S.L.U., which is 100% owned by Asia Uni Corporation Ltd, which is 100% owned by Supreme Treasure International Ltd, which is 100% owned by Allied Cigar Fund LP, which is 57.1% owned by Chen Zhi. Because we cannot rule out what happens to the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore considered tainted by sanctions due to the EU sanction against Chen Zhi as of July 30, 2026.
Gravit S.A is thus 16.5% owned by Chen Zhi through companies he controls 100%, which is below the threshold for the EU sanctions. The remaining 16.5% is owned by the Cuban state. The remaining 67% is likely locally owned.
Andorra as a country may be subject to EU sanctions even though it is an independent country in Europe because Andorra uses the Euro as its currency (without being part of the monetary union, however).
Maori Tabacs S.A - Andorra - Owned 50% by Altabana S.L., which is owned 50% by ITI Cigars S.L.U., which is 100% owned by Tabacalera S.L.U., which is 100% owned by Allied Cigar Corporation S.L.U., which is 100% owned by Asia Uni Corporation Ltd, which is 100% owned by Supreme Treasure International Ltd, which is 100% owned by Allied Cigar Fund LP, which is 57.1% owned by Chen Zhi. Because we cannot rule out what happens to the company's remaining 42.9%, the conclusion is that Allied Cigar Fund LP is fully (100%) controlled by Chen Zhi and is therefore considered tainted by sanctions due to the EU sanction against Chen Zhi as of July 30, 2026.
Maori Tabacs S.A is thus 25% owned by Chen Zhi through companies he controls 100%, which is below the threshold for the EU sanctions. The remaining 25% is owned by the Cuban state. The remaining 50% is likely locally owned.
Andorra as a country may be subject to EU sanctions even though it is an independent country in Europe because Andorra uses the Euro as its currency (without being part of the monetary union, however.
Distributor to Andorra.
Not Owned by the Tobacco Monopoly but May Be Affected by Sanctions – The Premium Company Nordic AB
The Premium Company Nordic AB is owned neither by the tobacco monopoly nor by Chen Zhi. It is owned by Stephan Praetorius, who for two decades was the CEO of the Swedish company Habanos Nordic AB, which changed its name to Elite Trading Scandinavia AB.
However, there are circumstances suggesting that The Premium Company Nordic could be considered tainted by sanctions, which stems from the fact that Elite Trading Scandinavia has financed The Premium Company Nordic. There are other questions regarding the appropriateness of the arrangement, which the editor-in-chief of Cigarrvärlden describes in more detail in an analysis from the beginning of the year. However, this is not relevant to the sanctions as such.
A prerequisite for sanction contamination is, of course, that Elite Trading Scandinavia itself must be considered tainted by sanctions to begin with.
On May 1, 2024, Stephan Praetorius wrote a confirmation—preceded by a letter of intent—that his company, The Premium Company Nordic AB, would take over sales from Elite Trading Scandinavia AB with no fee charged during the first year. He did this while serving as the Chief Executive Officer of Elite Trading Scandinavia AB, meaning he issued the credit to himself as the recipient.
Image 4: Translation, Confirmation It is hereby confirmed that Habanos Nordic AB offers the company The Premium Company Nordic AB, Org. Nr: [redacted], the use of the company’s premises at August Barks gata 30B, 421 32 Västra Frölunda. Habanos Nordic AB also offers The Premium Company Nordic AB personnel to handle the operational administration of the company's operations regarding the sale of Cigars and Cigarillos to the Swedish market. During the first operational year, no cost will be charged for these services; instead, it constitutes a second part of the financing plan for the benefit of The Premium Company Nordic AB. The intention of the financing plan is that The Premium Company Nordic AB over time takes over parts of Habanos Nordic's personnel and costs attributable to the sale of the company's products on the Swedish market.
On the same day, Stephan Praetorius confirms the credit period and credit amount—once again in his capacity as Chief Executive Officer of Elite Trading Scandinavia AB—to a company that he controlled.
Image 5: Translation, Customer Agreement: The Premium Company Nordic AB, Org No [redacted] It is hereby confirmed that Habanos Nordic AB offers trade credit to the company The Premium Company Nordic AB, Org No: [redacted]. The credits are part of the financing plan established for the benefit of The Premium Company Nordic AB's first operational year. Credit period amounts to max [redacted] Credit amount amounts to [redacted] Habanos Nordic AB will conduct a review of this agreement 12 months after The Premium Company Nordic AB has commenced its operational activities.
Within the framework of The Premium Company Nordic's own tobacco permit application, which was subsequently approved, Stephan Praetorius once again detailed what the financing plan looks like, its scope, and its terms.
Image 6: Translation, Financing Plan Appendix G1t Explain in your own words how the financing was carried out. Be thorough, as this simplifies the processing. The Premium Company Nordic AB (hereinafter referred to as TPCN) will take over the sales of cigars and cigarillos to the Swedish market from the company Habanos Nordic AB (formerly Nordic AN IC). TPCN will use the same premises and personnel as Habanos Nordic AB. TPCN itself will not hold any inventory of tobacco; instead, purchases of the product occur simultaneously with an order placed by a customer under a so-called consignment arrangement. This means that tobacco purchases are paid to Habanos Nordic AB only after a customer executes payment to TPCN for purchased goods—so-called financing via trade credit. Habanos Nordic AB remains the importer and owner of the tobacco inventory. TPCN will have very limited operational costs, as the company uses the same premises and personnel as Habanos Nordic AB free of charge today. TPCN will thus primarily act as a pure sales company on behalf of Habanos Nordic AB. Our assessment is that long-term trade credits from Habanos Nordic AB will suffice as financing for TPCN to build up good liquidity that covers the need for costs during the first year of operation. The strategy with TPCN is that, in the long term, the company will also take over costs from Habanos Nordic, such as rent, personnel, logistics, etc. During the first year of operation, Habanos Nordic will cover all costs regarding rent, personnel, operations, etc. TPCN will only have costs for accounting, auditor, business system, legal counsel, various fees, and licenses. The cost reduction during the first year for TPCN represents the second part of Habanos Nordic's financing support for TPCN. TPCN is approved by the Swedish Tax Agency (Skatteverket) for reporting and payment of excise duties (Tobacco Tax). TPCN will, within the tobacco category, only deal with Cigars & Cigarillos. TPCN has remained a dormant company for over 10 years, and I as the owner (Stephan Praetorius) was the one who started the company from the very beginning. The company was then purchased as a shelf company from PWC Gothenburg. In case of additional financing needs, I as the owner will primarily make a shareholder contribution to the business. The money comes from my own savings and originates from historic salaries as well as bonuses from Habanos Nordic AB, where I have been active as CEO since 2003. Should the above-mentioned financing for any reason prove insufficient, Habanos Nordic AB will approve a vendor loan. Habanos Nordic AB is in very strong financial health, and there is ample scope to assist with a long-term vendor loan if the need arises from TPCN. See the attached annual report from Habanos Nordic AB.
According to Swedish tobacco legislation, a creditor can be considered to exercise significant influence over its debtor even if it holds no actual ownership stake. This applies particularly in the case of loans or credit terms deemed unfavorable. The rationale is that a creditor exerting pressure on a license-holding debtor can compel the holder of a permit to make decisions that contravene the law.
That creditors possess influence and can be equated with the ability to exercise control over a company is discussed in further detail in the Swedish Economic Crime Authority’s pamphlet, "Guidance in Financial Examination for Municipal Case Officers for Serving Permits and Tobacco Permits."
The extension of credit is confirmed by the 2025 annual financial statements for both Elite Trading Scandinavia and The Premium Company Nordic, which have not yet been approved by the Swedish Companies Registration Office (Bolagsverket); however, a few figures in the balance sheet stand out.
Image 7: Excerpt from the 2025 annual financial statements for Elite Trading Scandinavia and The Premium Company Nordic, which have not yet been approved by the Swedish Companies Registration Office (Bolagsverket).
It is noted that Elite Trading Scandinavia's accounts receivable increased from SEK 5 million to SEK 37 million, which the auditor also notes. What the auditor primarily points out is that all of Elite Trading Scandinavia's accounts receivable are overdue as of December 31, 2025. Cigarrvärlden also notes that there is zero SEK in the account, in contrast to nearly SEK 37 million the previous year. Meanwhile, Elite Trading Scandinavia had a turnover of approximately SEK 120 million in 2025, with a profit of around SEK 30 million.
The Premium Company Nordic AB, on the other hand, went from SEK 8,544 in its account on December 31, 2024, to SEK 39.5 million one year later. Total assets increased from SEK 22,425 to nearly SEK 52 million.
Thus, The Premium Company Nordic has received a substantial amount of money to its account, while Elite Trading Scandinavia has no money left in its account.
All circumstantial evidence indicates that the financing is extensive. And because one cannot rule out with 100% certainty that the financing ultimately originates from Chen Zhi through the ownership chain previously mentioned, one must assume that the financing can be traced all the way back to Chen Zhi.
If The Premium Company Nordic has been financed by Elite Trading Scandinavia, this financing could expose The Premium Company Nordic to be contained by sanctions, as it can be deemed to originate from Chen Zhi.
According to the latest information available to Cigarrvärlden, The Premium Company Nordic currently uses Handelsbanken and Svea Bank.
After trying to reach Stephan Praetorius since May 2025, Cigarrvärlden finally manages to get hold of him and succeeds in asking a question regarding the sanctions:
"Only you can answer whether you assess that The Premium Company Nordic is tainted by sanctions?"
- I can confirm 100% that such is not the case," says Stephan Praetorius over the phone.
Writer: Hatem Sabbagh
Read more about Cigarrvärldens coverage on Cuba & Habanos:
2 September 2025 - Cuban Cigars And Their Asian Partners – Slave Trade, Fraud And Money Laundering. Under The Nose Of The Regulatory Agency In Gothenburg, Sweden.
25 October 2025 - DOJ Tightens Noose On Owner Behind Cuban Cigar Giant
26 October 2025 - Prince Groups latest rebuttal published in full
4 November 2025 - Swedish Habanos Importer gets Reprieve to present Chen Zhi's Cambodian tax and criminal records
9 November 2025 - Klarna blacklists Cuba and freezes payments to Swedish cigar dealers?
12 December 2025 - Chen Zhi to be removed from Habanos
7 January 2026 - Breaking News: Habanos Swedens tobacco license revoked
12 January 2026 - Analysis: What are the future prospects for Chen Zhi, Habanos in Sweden & globally?
2 June 2026: The International Crackdown on Habanos: Swedish Distributor Faces Independent Turmoil
5 June 2026 - Cuban Cigars Facing Potential EU Ban Amid Forced Labor Reports
15 June 2026 - BREAKING NEWS: The Courts Verdict - no Swedish tobacco license for HABANOS
4 August 2026 - BREAKING NEWS: EU Sanctions Against Chen Zhi and Prince Group
6 August 2026 - The Consequences of EU Sanctions Against Chen Zhi for Sweden in Particular and the EU in General
12 August 2026 - Habanos' Proximity to Sanctioned Entities and the Cuban Revolutionary Armed Forces (FAR)
13 August 2026 - BREAKING NEWS: Habanos Sweden Formally Applies for Liquidation
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