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CASTRO THE MULTIMILLIONAIRE
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 is being 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

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. Read the entire report:
Fidel Castro Inc. - A Global Conglomerate
PALACIO DE CONVENCIONES (CONVENTION PALACE)
The Palacio de Convenciones is one of the businesses mentioned by Forbes
magazine as being one of those that have helped the Cuban dictator become
one of the world's richest persons, while the Cuban people are forced to
live worse than animals.
Here is how the Castro regime describes the Palacio de Convenciones:
"The Havana International Conference Center Complex is Cuba's leading
company in the industry. The Center is an institution that specializes in
organizing, promoting and hosting a wide variety of special events. Its
sprawling 60,000 sq.m. premises are located in a residential district of
Cuba's capital city, only five minute away from downtown Havana. Pabexpo,
its fairgrounds, contains five air-conditioned, interconnected exhibition
halls. The Complex offers accommodations at the Palco Hotel, a modern
three-star facility. The Conference Center Complex provides catering
services at the Bucán, El Rancho and El Palenque restaurants. In 1998,
Club Habana, a top-notch social and sports center, was added to the
complex facilities."
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The "Palacio de Convenciones" |
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Everything that any rich foreigner would need including marina, housing, convention center, club is nearby. All you need is to have the money to pay the high prices that Cuba's only landlord charges |
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While attending a convention, foreign executives can stay at mansions like this one here. They can enjoy the same luxuries that they have at home because there is no internal embargo here |
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All the homes come with satellite TV and Internet connections. But regular Cubans would go to jail if they are caught watching satellite TV or connecting to the Internet. |
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How can the Castro regime build these mansions for foreigners while regular Cubans are forced to live in dilapidated houses? |
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The answer is simple: The foreigners can pay the Cuban dictator in hard currency and regular Cubans cannot because he is the only employer in the island and he pays his slaves in pesos |
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The foreigners can enjoy supermarkets where there is no internal embargo and no ration cards. That is only for Cubans who are second class citizens in Castroland |
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And they can rent cars, something that regular Cubans are not allowed to do either. But who cares? None of these foreigners care as long as they can enjoy the paradise that Castro has built for their exclusive use |
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If they prefer, or if they cannot afford the dictator's high rent, foreigners can stay at the Palco hotel accross the street from the Convention Center |
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Seen from the air: The Palacio de Convenciones is to the left, the Palco hotel to the right |
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The multimillionaire dictator understands that millionaires like him may want to travel in their own luxury yachts and that is why Marina Hemingway is just a very short distance from the Convention Center |
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CIMEX
When Forbes published that Castro's fortune was estimated at 900 million
dollars, it mentioned a list of companies that are under his control and
from where he is able to skim profits that go directly to his many bank
accounts all over the world.
Among the companies mentioned is the retail conglomerate known as CIMEX.
In an article dated December of 2001, Granma, the official newspaper of
Cuba, reported that CIMEX had sales of 950 million dollars. According to
Granma, CIMEX owned "dozens of many large and small stores, 119 gasoline
stations, 117 cafeterias, 47 photo services (digital and color), the tour
operator HAVANATUR, finance and banking facilities, and real estate and
duty-free zones businesses."
Recent defectors have said that since that article was published, CIMEX
has grown quite a bit more. Here are some of the products and services
that are displayed in CIMEX's web page. You won't see any embargo here
because these products and services are only available to foreigners
living in Cuba, tourists or for export.
For comparison purposes, we have added a couple of photos showing the
differences between the products and services offered by CIMEX and those
available to regular Cubans.
Cubans will continue suffering Castro's internal embargo because they do
not have the hard currency that the dictator requires to buy in his shops.
And they will never have access to hard currency because Castro is the
only employer in the island and he pays his slaves in worthless pesos.
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CIMEX stores for foreigners and tourists who can pay the dictator in hard currency |
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Do you see any embargo here? |
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And this store with empty shelves and long lines is for regular Cubans who cannot pay the multimillionaire dictator in hard currency because he pays them in pesos |
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A fast food restaurant for tourists |
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A bus to transport Castro's guest who pay with hard currency..... |
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...... and a bus to transport Castro's slaves who do not have hard currency |
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Castro also controls the gas stations...... |
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.... and Cuba's equivalent to FedEx and UPS |
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Embargo? Where? CIMEX never heard of it |
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Click here
to read a report form the US Department of the Treasury
listing some of the known subsidiaries of CIMEX that are operating abroad
and also other corporations that are controlled by Cuba's multimillionaire
dictator.
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"
Click here to read it.
Take a look at the mansions where the
millionaire dictator's business associates stay

You have
seen the dilapidated houses where regular Cubans live, now take a look at
the mansions where foreign millionaires that go to Cuba to enter into
joint-ventures with the multimillionaire dictator stay.
These mansions were stolen by Castro and are now rented to those crooks
who go to Cuba to deal in stolen properties, to exploit Cuban workers and
to bring more millions to the dictator's bank accounts.
And Castro's business associates and rich friends cannot claim that they
were not aware that these were stolen properties, because the Cuban
website advertising these homes clearly specifies that they used to belong
to Cuban executives who had their businesses stolen by the crook-in-chief:
"This Florentine style mansion located in the exclusive residential area
of Miramar, Havana was previously owned by a tobacco baron. It is now used
for protocol visits and can be booked through us on an exclusive basis for
your visit to Cuba."
These fabulous mansions that are now being leased to the dictator's rich
friends and business associates, after he stole them from its legitimate
owners, and compare them with the houses where regular Cubans are forced
to live by this crook who has turned Cuba into his own farm and a
playground for his rich business friends who like to do business with him
because they can exploit 11 million Cubans who cannot strike, ask for
vacations, benefits, raises or anything else.
If these piranhas treated workers in their own countries like they treat
Cubans, they would end up in jail. But in Cuba they can do as they please
because their business partner is the owner of the plantation and the 11
million Cubans are his slaves.
Canadian, European, Asian and Latin American millionaires who think that
Cubans are inferior and can be exploited because they are controlled by a
ruthless dictator. Isn't this the worst type of racism?
Tarará, another resort exclusively for foreigners
Before
Castro came to power in 1959, Tarará was another beautiful beach town
where many Cubans lived. But now, Tarará is only available to foreigners
who can pay the multimillionaire dictator in hard currency.
While Cubans are forced to live in dilapidated houses, with blackouts that
sometimes last 18 to 20 hours, without hot water and sometimes without
running water, the foreigners who can pay Castro in Euros or dollars can
enjoy the good life that Cubans can only dream about.
Here is how the Castro regime advertises Tarara for its foreign guests:
"Villa Armonia is located in Playas del Este (East beaches) about 15
minute drives from Old Havana. The Villa, also known as Tarara, has
comfortable 2, 3 and 4 bedroom houses, each with its own bathroom,
satellite TV, hot and cold water and fully equipped kitchen and cleaning
services, all included in the price.
Villa Armonia offers also cafeteria, bar, restaurants, grocery store,
medical facilities, and gym among many other services. There is a nice
marina located inside the Villa so it is easy to practice water sports
such as snorkeling, scuba diving, yacht sailing, fishing, etc."
There is no embargo in Tarara, because only Cubans suffer the internal
embargo put in place by this madman to control the population.
And the price? From US$105 daily for a 2-bedroom village to US$145 for a
4-bedroom one. From five to seven times the average monthly salary that
Castro pays his slaves! No wonder there are so many foreigners in love
with the Hitler of the Caribbean! Castro has created a paradise for them
while at the same time creating a living Hell for the Cuban people.
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Castro's internal embargo here |
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Castro's internal embargo here |
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Castro's internal embargo here |
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Castro's internal embargo here |
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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 uses 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
51 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.
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