Do foreign businesspeople have their accounts frozen in Cuba?
An EFE news report from Havana states that foreign companies on the island have been prohibited from repatriating profits after their accounts were frozen, and to do so, they must open new accounts with fresh funds.
The agency states that this new situation has caused significant unrest among those affected, who have approached their respective embassies to express their discontent. Without disclosing identities, as all prefer anonymity, it references an individual who has confessed to them that, “We are in total disagreement. This is not the government’s money, but the companies’.”
It also emphasizes that some of these accounts amount to millions of dollars, and several companies have already sought to open new accounts that facilitate international operations and repatriate profits.
A government decision that could further deter investment, given that this is one of the strategic priorities for tackling the prolonged economic and financial crisis facing the island.
It was anticipated that someone capable would quickly step up to share their viewpoint with the public and international audiences, but that hasn’t happened. The most recent editions of the prime-time television newscast have centered on different impactful stories.
I asked a Spanish acquaintance who has lived in Cuba for nearly three decades to briefly share his opinion. “There is no freeze. Simply put, there is no money. Bankruptcy, as someone else might say.”
Only two reasons can be inferred from this: the characteristic slowness in responding to or clarifying such delicate matters and the notion that silence implies consent.
