• Submitted by: admin
• international
• Business and Economy
• 04 / 09 / 2010

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Cuba is no longer holding on to foreign companies' funds to stanch a drain of cash, six Chilean executives doing business in Cuba told Chilean Foreign Minister Alfredo Moreno Charme in a letter Wednesday, according to the Terra news service.

The businessmen told Moreno that the problem affecting their compatriot Max Marambio is unique to Marambio and doesn't affect them.

"The case of the companies owned by Chilean entrepreneur Max Marambio is a one-of-a-kind situation that is being investigated by the Courts of Justice in Cuba," the letter said.

"It will be up to them to deal with the violations of the existing regulations that [Marambio's companies] may have committed, problems that none of the other Chilean companies in Cuba has."

The financial squeeze afflicting Cuba "was provoked by the greater expenses and investments made following the devastating damage caused by the hurricanes in 2008 [...] the worldwide financial crisis, the criminal blockade imposed by the United States of America for almost 50 years, and the commitments assumed by [Cuba] in substantially improving the quality of life of its citizens," the letter said.

A copy of the letter was sent to the Cuban Chamber of Commerce.

One of the executives, Angel Domper of TJP Internacional, told Terra that "in 2009, yes, there was a problem extracting hard currency that affected all the foreign companies established in [Cuba]. However, beginning in October 2009, new commercial ventures have had no problem paying, collecting or sending money overseas."

Guillermo Jorquera of Merinter Ltda. said the freeze in funds "was no small problem, true, but today it has virtually been solved."

By Renato Pérez Pizarro.

http://miamiherald.typepad.com/cuban_colada/