Castro the Multimillionaire

Fidel Castro’s son enjoying a millionaire vacation, while Cubans are starving

While Cubans in Cuba have an average salary of $20 a month and cannot buy enough food to feed their families, Antonio Castro, one of the sons of Cuban dictator Fidel Castro, spent several weeks in June of 2015 cruising the Aegean Sea on his 160 foot yacht with a group of friends and several bodyguards.

The photos below were taken at a 5-star hotel in the city of Bodrum, Turkey, where Antonio Castro rented 5 suites for him and his friends, according to Turkish newspapers.

Castro arrived in Bodrum on his yacht, after spending a few days in the Greek island of Mykonos.

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A few years ago,  Forbes magazine estimated Castro’s fortune in at least 900 million dollars. Many of those who are familiar with the dictator’s business believe that Forbes was too conservative.
The Cuban dictator runs Cuba as if it was his own farm and the 11 million poor Cubans as his slaves. Castro’s businesses include the Convention Palace (Palacio de Convenciones); CIMEX; MEDICUBA; resort hotels and much more.

Fidel Castro Inc. – A Global Conglomerate, by Maria Werlau

money series: hudreds of green dollar texture

Since 1997, Forbes magazine has featured Fidel Castro in its annual Billionaires‟ edition as one of the richest rulers in the world. Initially, Forbes assigned to Castro a share of Cuba’s reported GDP (gross domestic product) for the previous year, which yielded a fortune of approximately $150 million. Since 2003, however, it began using a method similar to that used to estimate the fortunes of businesspeople and other royals and rulers. Using academic sources, Forbes identified several enterprises said to be controlled by Castro and determined their value by comparing them to similar publicly-traded companies. This has resulted in the more recent estimate of $500 million for Castro‟s fortune.
Aside from the difficulties inherent in estimating the value of privately-held companies lacking financial disclosure, Forbes‟ calculation of Fidel Castro‟s fortune is fraught with other obstacles. Due to a severe lack of information, the number of enterprises it took into account was very restricted in relation to the large number of businesses said to be under Castro‟s control. In addition, Forbes ‟calculation of Castro‟s net worth fails to take into account funds in bank accounts all over the world, large inventories of assets inside Cuba, and real estate holdings both in Cuba and overseas, all reported to belong to Castro. Yet, given the serious methodological flaws of Cuba‟s GDP statistics and Forbes‟ past practice of using only one year as the basis for its calculation, the new approach provides a sounder approximation to Castro‟s wealth. Although it probably falls well short of Castro‟s actual holdings, at least its foundation is the market value of clearly designated assets.
Not surprisingly, the Cuban government has long disputed Forbes ‟inclusion of Castro in their list. It publicly responded for the first time in 2004 by issuing a statement that “the revenues of Cuban state companies are used exclusively for the benefit of the people, to whom they belong.” Fidel publicly rebuked Forbes report and said he was considering a lawsuit against the magazine for libel.
Because of the large, intricate, and secret nature of these business activities, expectedly, all estimates of Castro‟s worth are imprecise. Nonetheless, even the best attempts appear to be well shy of the vast wealth under his command. The testimonies of former regime insiders provide telling snapshots of the enormous assets that Fidel Castro and his brother Raúl control. Arguably, they offer damning substantiation of their existence, regardless of their precise value at any given time –which appears to fluctuate widely as substantial assets apparently flow in and out constantly.

Millionaire Castro even has his own bank!
The Cuban dictator spent more than six hours on TV accusing Forbes magazine of libel for saying that he is one of the world’s richest dictators with a fortune in excess of 900 million dollars.
Castro has been accused of murdering thousands of innocent Cubans; of betraying the ideals of the Cuban Revolution; of murdering many of those who helped him reach power; of keeping 11 million Cubans enslaved and many other crimes, but it seems that none of those accusations bother the Cuban dictator as much as Forbes saying that he is almost a billionaire, even though his salary is supposed to be around 700 Cuban pesos per month.
Manuel de Beunza, a defector who used to to handle the finances for the Ministry of the Interior when he was a top officer in Cuba’s intelligence services, told El Nuevo Herald on Sunday that Castro has a bank in the UK that is completely controlled by him.
The bank is Havin Bank LTD and used to be known as Havana International Bank LTD. De Baunza, who thinks that Castro’s fortune exceeds the $900 million reported by Forbes, told El Nuevo Herald that Cuba created 270 corporations around the world that report directly to Castro.
De Baunza, who was one of the sources used by Forbes, also said that in one occasion he personally gave two million dollars to Castro, through José ‘Chomy’ Millar Barruecos, a trusted aide to the Cuban dictator.
We did a search and found more information about Castro’s bank in the UK:
HAVIN BANK LTD, 30 Marsh Wall, London, E14 9TP, United Kingdom
Click here to see a map of where the bank is located.
Another of the analysts consulted by Forbes was Maria Werlau, who also believes that Castro’s fortune may be even larger than the 900 million estimated by Forbes. “Forbes’ estimate seems to be much lower than the vast economic resources that Castro personally controls,” she told El Nuevo Herald. “The cash that he may have in the network of bank accounts that he controls is practically impossible to estimate, because of how difficult it is to know what goes in and goes out of those accounts.” Maria wrote an extensive report for The Association for the Study of the Cuban Economy (ASCE) titled: “Fidel Castro Inc.: A Global Conglomerate”

This is why you should not do business with thieves
In the 1990s, Castro was desperately looking for foreign investors willing to enter into joint ventures with him, in order to bail out his sinking economy.
Many European investors, most of them from Spain, were more than willing to accept the invitation.
But that was before Hugo Chávez became president of Venezuela and provided Castro with billions of dollars in free oil and many billions more in credits and other investments by PDVSA, the Venezuelan oil holding that Cháves used as if it was his own personal business.
Now, as reported in El Nuevo Herald, Castro wants to kick out the Spaniards and the other Europeans who were stupid enough to do business with him, but not before he steals their patents and their investments in Cuba, like he did 56 years ago when he stole all private businesses in the island.
Once again, Castro used and then betrayed those who tried to help him.
At least two powerful Spanish firms have sued the Cuban regime for violating the ” Accord for Reciprocal Protection of Investments” (APRI). The two companies, Acciones Infraestructura and Zell Chemie SL want Castro to pay what he owes them, before they agree to cancel their joint ventures.
Zell Chemie, a company that manufactures insecticides and materials that have to do with cleaning the environment, has been the main supplier of products to the Ministry of Public Health. Zell Chemie has also provided the financing for these transactions. For the last eight years, almost all the insecticides sold in Cuba have been manufactured by this company. A source inside Castro’s Ministry for Foreign Investments and Economic Collaboration told El Nuevo that Zell Chemie is accusing Castro of stealing its technology and the intellectual property that the firm had provided to the joint venture company, Zell Zanid S.A., in violation of the agreement that they made at the beginning of their partnership.
“We have presented our demands to APRI and are awaiting a response from the Cuban government that would be satisfactory to both sides,” an executive from Zell Chemi in Valencia Spain told El Nuevo Herald.
The executive didn’t want to get into the details of the argument.
Zell Chemie and a company owned by the Castro regime, Inversiones Gamma, signed a 50 – 50 joint venture agreement in 1999 that was supposed to last for 10 years. According to documents obtained by El Nuevo, the Spanish firm is owed $1.5 million and is asking for $3 million as indemnification for terminating the agreement.
If an agreement is not reached, Zell Chemie plans to take its demand to the International Arbitrage Court in Paris, in which case the amount that is asking could go as high as $5 million.
In the other case involving Acciones Infraestructura, the company also went to APRI and the Cuban regime agreed in June to pay the company $3 million for breaking their agreement. The Spanish company is now trying to collect, but so far no payment has been made.

29 thoughts on “Castro the Multimillionaire

  1. Essentially, this is a fatuous gossip-column story. It tackles no substantive issues, expresses no ideas other than those worthy of the National Enquirer.

    1. Wrong Julien! This story reminds us yet again that there is a crime family siphoning the coffers in Cuba for their own personal comforts.

      Get it? Got it? Good!

  2. Lo unico que han hecho los hermanos Castro es esclavizar al pueblo de Cuba para enriquecerse ellos , lo mismo que hizo Chavez con los Venezolanos , eso lo lograron con una politica de represion y violacion de todos los derechos humanos . Ahora el resultado es que ambos paises se han empobrecido debido al sistema que aceptaron seguir porque yo nunca lo acepte porque ellos me quisieron obligar a convertir en comunista . Ahora vivo en un pais libre para siempre con todos los derechos que tienen los seres humanos para progresar economico y socialmente sin restricciones

  3. Simple question: If in U.S.A. one family, one party or one man was in charge for over 50 years and its citizens were leaving in droves…wouldn’t we wonder what the heck is wrong?

  4. In a new, 338-page memoir, titled The Hidden Life Of Fidel Castro (published in France by Michel Lafon and co-authored by Axel Gylden), Sanchez, an employee of 20 years’ standing, lifts the lid on the luxurious excesses enjoyed by the autocrat and his inner circle.

  5. I referred to both, but you can bet your bottom dollar that Raul has also amassed a fortune for himself…but the Revolution was supposed to be for the people and not meant to fill the coffers of the Castro brothers.

    Will Miguel Diaz-Canel behave frugally or follow in the steps of those two shysters? I doubt he will reject the perks of the job. After all the crown will be passed on to him, and behaving like a pauper would not be acceptable for a…king?

  6. It is best to delete this page Mr. Demirjian? Since Forbes Magazine no longer lists the Castro brothers among the world’s super wealthy, are you implying that they are no longer self-serving tyrants continuing to amass wealth for themselves?

    No one in Cuba is considered property of the State? Ridiculous. Tell that to the slaves in Cuba and abroad working as chattel for pennies on the dollar.

    1. I meant to say that we should delete this page because when you mention Castro, I’m not sure if you are referring to Fidel or Raul, and we don’t know if Raul Castro’s successor, Miguel Diaz-Canel, will ever be frugal or amass wealth for himself.

      1. You seem to be well informed about the regime’s “democratic succession”, who is electing Diaz-Canel? I’ll take 100 to 1 bets against him being frugal

  7. Hi,

    This page is outdated because Forbes magazine no longer lists Fidel among the world’s wealthiest heads of state, and no body knows for sure how rich Raul Castro is. In any case, characterizing Cuba as a slave plantation with Fidel as the farm owner is absolutely ridiculous because no one in Cuba is considered property of the state. It is therefore best to delete this page.

    1. It is very hard to calculate the fortune of a dictator that controls an entire island as if it was his own farm, and the 11 million Cubans as his peons.
      However, defectors who were close to Castro’s inner circle say that the figure used by Forbes was not even close to the Castro family real fortune.
      Since Cuba is a totalitarian country and everything related to Castro and his family are “state secrets”, no one would really know the actual figure.
      Regarding the Cuban slave professionals that are sent all over the world by Castro in exchange for hard currency, many studies have been made that calculate that the regime gets at least $8 billion a year.
      The countries where the Cuban slave workers are sent, sign contracts with the Cuban regime, not with the workers. Those countries pay the Cuban government directly, and the government then pays a very small part to the workers. Some of it is paid in the country where they work and another part is deposited in Cuba. If the worker decides to defect, he would lose the amount supposedly deposited in Cuba.
      You say that “no one in Cuba is considered property of the state”, however, since the state is the only employer, if you choose not to go to a foreign country to work when you are ordered, it would be almost impossible for you to get another job while in Cuba.
      In addition, foreign companies that are operating hotels and other joint ventures with the Castro regime, cannot hire their own workers. The Communist Party is the one who determines who is authorized to work and what salary to pay to those workers.

    2. First this page is not outdated. There is no better blind than the one that do not want to see. This only shows your TOTAL ignorance of what is going in Cuba. Why won’t you read the facts of what is going on inside Cuba and stop drinking the koolaid propaganda of the socialist, communist and populist government. People like you are the ones that are destroying this country, which is no longer respected in the world like we used to be and no longer the leader of the FREE WORLD. Now a Communist, Socialist, Dictatorship is the ACCEPTED norm for South America, Central America, Caribbean and unfortunately is looking that the USA is willing to legitimize these “Regimes.”

    3. This comment is disingenuous. The author states that estimates of Castro Family and Caste wealth are imprecise, at best, and frequently are necessarily based on outdated data, but at least cast some light into the shadowy world of the self-serving caste who despotically rule Cuba and exploit her long-suffering masses. MR D should refrain from making comments if he has no facts or truth to add. It is easy to whine, but difficult to speak truth to despotism!

    4. Are you Cuban Mr. Demirjian? Ihere is no choice in Cuba except to obey the Castros, if you cannot go on vacations to the best unique places because you have not enough money for your family, if you get paid in Cuban pesos and a very little amount, which is the Castro’s stipulated money after 1959, if you cannot leave the island because Castro’s laws and regulations do not let you as a regular Cuban. If you have to get the food, clothes, household products that the Castros say and regulate if you have to be a pioneer and keep being a revolutionary all your life to qualify to study a career, if you have to learn extra Marxism Leninism mandatory at the university because it was regulated so by the Castro’s. If you can not have freedom of speech in your own country and must accept only the communist party as the only one authorized by the Castros since 1959. If you have to study and work at the fields as an slave while you are a student and against your will because the Castro’s say so. Don’t you think that the Castros are the only owners of the country and everything that it contains including you? Think deep and analyze better.

    5. Is sad that people like you justify a cruel regime of 57 years where foreign companies pay the Cuban government and then workers are paid a missery of salary- slave like. How can you justify that?

    6. If the definition of slavery is working, not receiving the benefits that work should provide and having no hope for improving one’s lot in life, then Castro’s Cuba is, indeed, a slave state.

    7. Go live on Cuba like a Cuban not like a foreigner with a salary of 20 pesos and in a dilapidated house with failing water and electricity…..
      And for a year….then let your opinion be known

    8. You are not Cuban, sir, therefore you know nothing of what’s really going on for the Cuban people. If you went there as a tourist, you only saw and heard what they let you see and hear… Not even you, as a tourist, are free in Cuba…
      So, when you know only one side of a story, better shut up and try to educate yourself in the real Cuba and Cuban people, before you make a fool of yourself.

    9. It is easy for you to say that Cubans are not slaves of the Castro regime.
      I have a question for you:
      Are you Cuban and did you grow up there?
      My guess is not. No offense.
      Fidel Castro has spent his all life brainwashing Cubans and the rest of the world.
      Go to live in Cuba then, you will understand what a socialist dictatorship is all about.
      Thank you for your time

    10. You sir have no idea what you are talking about. In Cuba, as a child, that is exactly what you become. As always, some foreigner talking out of his ass.

    11. Mr. Demirjian, your ignorance amazes me . I would never answer this way to anyone but just the mere fact that you would say something so ignorant is above me.
      You have no clue what you are saying and my hat off to all the others here who do know the difference. Cuba is not free! It is Communist!
      People do not have freedom of speech, if they speak the truth or go against the regime, they get jailed. More atrocities have been executed in Cuban jails than you could ever imagine. It is sad that the only way the masses can see is to unfortunately have to go through it themselves. It is people like you that are destroying our country and the more the masses see and wake up the better we can all help each other so that these atrocities end. If you do not believe everyone else in this chat forum, then why don’t you try it for yourself. Go live in Cuba. Stay there and hang out with everyone and see if you can get food for you and your family. It seems like this is the only way to teach people like you. Cubans know all too well what it is to have things taken away from them especially their families, their country, ect…You obviously never have gone through that. Please listen and inform yourself so that you learn.

    12. With respect, what do you know about Cuba and the Cuban’s , more likely what you hear or want to hear in the ridiculous left media? I invite to visit Cuba, not as a tourist with your pockets full of money more as a normal citizen living in the misery the Cuban government has the country for 56 years, I’m not going to ask you for too long just a couple of months. Then come back here and tell us your experience otherwise please be respectful don’t comment on topics you have not even a remote idea of the reality.
      Respectfully a Cuban living in exile because of that regimen.

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