Latin American Summary, June 20, 2024.
The objective of the White House is not to get established companies to withdraw from Cuba, but to create the necessary panic that prevents any new investment. It is impossible to quantify the volume of investment scared away, but it is undoubtedly very high.
José Manzaneda, coordinator of Cubaingencia.- In addition to targeting each and every one of Cuba’s sources of foreign currency income, the US blockade viciously persecutes investments from third countries. Those of your own companies do not need to be pursued: they are completely prohibited by law.
1. Mafia laws
Since, in 2021, Donald Trump approved the full application of the Helms-Burton Act, companies with investments in Cuba face a swarm of lawsuits (more than 14 thousand) by former owners of companies nationalized in the 60s and who did not accept the proposed compensation formulas (1).
There are 87 entities sued, the majority linked to tourism, such as Meliá, Iberostar or Barceló (2).
The court rulings are contradictory. Some have been favorable to these companies (3). Others, condemning. For example, Four cruise companies have had to pay 400 million dollars for having used the Port of Havanadespite the fact that the Government of Barack Obama authorized, at the time, said operations (4).
Some investors and their families are also prohibited from entering the US.U. This is the case of fifteen executives of the Spanish company Meliá, which manages 35 hotels in Cuba (5). Any angry condemnation in the Spanish press in defense of their employers? Not even one.
The objective of the White House is not to get established companies to withdraw from Cuba, but to create the necessary panic that prevents any new investment.. It is impossible to quantify the volume of investment scared away, but it is undoubtedly very high.
2. Media mafia
In April, the report “Panorama of Spanish investment in Ibero-America” (6) was presented in Madrid. It explains that the factors that most affect said investment are political instability (mentioned by 84% of the business community consulted), citizen insecurity and legal uncertainty (7). In none of the three is Cuba mentioned, which would only be affected by one of the least relevant factors: “deficient infrastructure.” But, What headlines do we read? “Very few Spanish companies are willing to invest in Cuba” (8), “Spanish investors stop business in Cuba due to uncertain outlook” (9) or “Spanish companies put a stop to investments in Cuba” (10).
They are headlines of “Cuban-themed” media linked to politics and US Government funds. and in which they won’t read a line on the number one cause that impacts investment in Cuba: “the validity of titles 3 and 4 of the Helms Burton Act”“the closure of accounts in international banks, the blocking of collection and payment operations, the prohibition of access to certain technologies” and “the restriction of access to credit”, due to the US sanctions on the Island, in addition to the “ limitations on our travel due to the fact of having been in Cuba” (12).
Are words of Joaquín Samperio, president of the Association of Spanish Businessmen in Cuba, which we can access… through the Spanish press? Don’t even try. We will only know something about all this thanks to the much demonized Cuban public press.
- https://cincodias.elpais.com/cincodias/2019/04/26/companias/1556287752_088535.html
- https://www.hosteltur.com/155080_iberostar-alega-falta-de-jurisdiccion-por-una-demanda-bajo-la-helms-burton.html
- https://cincodias.elpais.com/cincodias/2023/01/09/companias/1673286879_409713.html
- https://www.tourinews.es/resumen-de-prensa/notas-de-prensa-empresas-turismo/cuba-eeuu-cruceros-companias-mas-grandes-multa-violar-sanciones_4472764_102.html
- https://www.vozpopuli.com/economia_y_finanzas/eeuu-veto-cupula-melia-escarrer_0_1325268111.html
- https://www.casamerica.es/economia/xvi-panorama-de-inversion-espanola-en-iberoamerica
- https://iemedia.ie.edu/static/analisis-economico/informes/Informe-2024_Panorama-de-inversion-en-Latinoamerica_1pag.pdf
- https://www.14ymedio.com/economia/empresas-espanolas-dispuestas-invertir-cuba_1_1101500.html
- https://www.directoriocubano.info/actualidad/inversores-espanoles-frenan-negocios-en-cuba-ante-panorama-invierte/
- https://adncuba.com/economia/empresas-espanolas-ponen-freno-las-inversiones-en-cuba
- https://diariodecuba.com/cuba/1712774900_54047.html
- https://www.excelenciascuba.com/generales/asociacion-de-empresarios-espanoles-en-cuba-queremos- seguir-en-esta-tierra-que-nos-ha
Source: Cubainformation
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