In a statement defending the corporation, Havana denies accusations of “opacity” and claims it has always reported its activities “to the Party, the State, and the Government.”
14ymedio, Madrid, June 2, 2026 — The Cuban Government has issued an institutional statement, published by the official press, defending the military conglomerate Gaesa, which has come under intense pressure from Washington over the past month. In the text, the regime argues that the group has provided “countless” services to the nation by generating foreign currency that was later used to “confront the economic war” waged by the United States.
In describing the company’s role, the Government focuses on investments made by the Business Administration Group (Gaesa) in the public sector, while overlooking one of the main reasons many Cubans resent the conglomerate: the high percentage of resources it devoted to hotel construction even as the tourism business was in clear decline. “Its objective has always been to bring together companies capable of generating foreign currency and resources that the State requires to maintain and develop social achievements and contribute to the advancement of sectors and branches of national life,” the statement argues.
To support its case, the statement cites the construction of more than 10,000 homes throughout the country
To support its case, the statement cites the construction of more than 10,000 homes throughout the country despite a housing deficit exceeding 600,000 units, the creation of a children’s pioneer camp and vacation programs, and “the way the Cuban economy was sustained during the pandemic years,” without specifying exactly what that means.
The foreign currency collected by Gaesa has also been used, the statement continues, to invest in the severely deteriorated Lidio Ramón Pérez thermoelectric plant in Felton, Holguín; major hydraulic projects such as the East-West and North-South water transfer systems; as well as polyclinics, family doctor offices, and schools.
The statement attempts to strongly counter accusations of opacity surrounding the company, though it falls short by merely asserting that its activities have been “systematically reported to the leadership of the Party, the State, and the Government” and have been subject to maximum oversight and auditing by authorities. However, Gaesa does not even publish a basic annual activity or financial report, as would be expected from a company seeking to rebut allegations of “opacity” or “secrecy,” both terms explicitly mentioned in the text.
The statement suggests that information is withheld in order to avoid what the regime has often described as persecution. “Thousands of men and women, over the last 30 years, have been discreet guardians of the country’s resources and deserve recognition. Although their work has not been told often enough, it speaks for itself and rises above the state-sponsored slander orchestrated from Washington,” the text adds.
The defense of the military conglomerate occupies the second half of the statement, while the opening paragraphs appear aimed more directly at Miami than Washington. The White House is not spared criticism, however, being accused of “acting with deliberate intent” to destroy the Revolution, including its historical and current leaders, and thereby confuse both domestic and international public opinion. But the true architects of this strategy, the statement claims, are “ideologues of the Cuban-American far right, who pride themselves on being creative and unpredictable.”
But the true architects of this strategy, the statement claims, are “ideologues of the Cuban-American far right, who pride themselves on being creative and unpredictable
The statement says that the May 1 executive order, which opens the door to sanctions against foreign companies cooperating with Gaesa, “constitutes the most intense, disproportionate, and dangerous escalation in the recent history of relations” between the two countries, because it seeks to “isolate the country diplomatically, commercially, financially, and energetically; undermine the nation’s sustainability; condition dialogue; and evaluate options for military aggression.”
Since the announcement of the measure, several international companies have severed ties with the military corporation in sectors ranging from logistics to tourism. This comes in addition to earlier actions, such as pressure to end Cuba’s international medical missions and restrictions on oil shipments, under which only two fuel tankers have arrived in Cuba so far this year: one from Mexico in early January and another from Russia in March, after the new order had already been issued.
“The GAE”—as the statement refers to the company, omitting the final initials corresponding to “Corporation” (Sociedad Anónima)—“is not the product of secrecy, nor of elites, much less a vehicle for the enrichment of a few,” the document states. In recent weeks, U.S. Secretary of State Marco Rubio has estimated Gaesa’s reserves at $18 billion, based on financial information published by the Miami Herald in August 2025. However, The Economist argued last March that the military conglomerate is on the verge of bankruptcy precisely because of its excessive investments in tourism. “Before the United States tightened restrictions, Gaesa barely had one billion dollars in reserves,” the publication said.
Translated by Regina Anavy
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