• Submitted by: admin
• Society
• Business and Economy
• 03 / 07 / 2019

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The well-known Cuban alcoholic beverage company Bacardi, established in Bermuda in 1965, is demanding its right to seek justice for the confiscation of its properties in Cuba by the Fidel Castro government almost 60 years ago.

Speaking to The Royal Gazette, the company said: "Bacardí, like many others, is a company that lost all of its Cuban properties in illegal confiscation without compensation."

"We support the right and ability of those affected to seek justice and avoid further trafficking of stolen property," he added.

These statements by Bacardí come as a result of the administration of Donald Trump allowing a section of Title III of the Helms-Burton Act to enter into effect this month, which codified all sanctions against Cuba and is considered the backbone of the six decades of economic embargo from Washington to Havana.

Title III of the Law allows for the protection of property rights in Cuba, creating the opportunity to sue those who "traffic" with confiscated properties as a result of the triumph of the Revolution.

For its part, the State Department plans to allow Title III of the law to enter into force with a "partial exception" to protect US companies and some US allies.

However, two days ago Secretary of State, Mike Pompeo, said that Title III of the Helms-Burton Act will be suspended for one month because it is in the "national interests" of the United States and will accelerate a "transition to the democracy "in Cuba.

Bacardí - founded in Santiago de Cuba in 1862 - left the island for Bermudas in 1965, after the communist government confiscated its properties in October 1960.

According to the aforementioned media, "although the loosening of this week's suspension limits trials under Title III to a list of around 200 Cuban companies and government agencies that are already subject to special sanctions by the United States because They are linked to the Cuban intelligence and military ministries, there are indications that stronger action could be on the way. "

The Trump administration said its last Title III suspension would expire after 30 days, while most of the previous suspensions have lasted six months.

For his part, Mahesh Madhavan, CEO of Bacardí, told The Royal Gazette that he expected Bacardi's global headquarters to remain in Bermuda for the next "500 years" and that "Bermuda is our home now."

This new measure by the US government comes as a kind of reprisal, since Cuba has given unconditional support to Nicolás Maduro in the midst of the humanitarian crisis in Venezuela.