A recent investigation by the Miami Herald uncovered that the Cuban military conglomerate GAESA has amassed $18 billion in current assets, with $14.5 billion stashed in unidentified bank accounts. This revelation has sparked significant reactions among Cuban-American lawmakers in the U.S. Congress. Republican Representatives Mario Díaz-Balart, María Elvira Salazar, and Carlos A. Giménez, all from Florida, have unanimously called for increased international pressure on the Havana regime and advocated for freezing its foreign assets, accusing Cuba's leadership of corruption and repression.
The documents obtained by the Herald indicate that GAESA, which is controlled by the Revolutionary Armed Forces, reported a net profit of $2.1 billion in the first quarter of 2024, even as the island endured power outages, a crumbling electrical grid, and shortages of essential goods. In 2023, its profits reached $7.2 billion in just eight months.
Proposals for New Sanctions and Financial Blockades
Congressman Carlos Giménez announced plans to collaborate with Secretary of State Marco Rubio to "hold the regime and its accomplices accountable," describing the Cuban government as "murderous, cruel, and deeply corrupt." According to the Miami Herald, the Republican representative stated that they would use "all available diplomatic and legal tools to freeze the regime's assets" and to pressure foreign governments that support it.
Meanwhile, Díaz-Balart highlighted his proposal for a fiscal 2026 budget bill that would deny U.S. aid to governments or entities conducting business with Cuban military companies. "While the regime blames the embargo, secret records show that the Cuban military is flush with cash," he posted on X.
Congresswoman Salazar accused the regime of lying about the embargo's impact: "The true blockade on Cuba is the Cuban dictatorship. GAESA hoards billions that are not used to feed the people or repair the power grid, but instead to oppress them. The suffering of the Cubans is not caused by the embargo, but by the criminals in power."
Silence from Havana
Although such statements typically provoke strong reactions from official media, the Cuban regime has remained silent on the report and the figures disclosed. The Ministry of Foreign Affairs did not respond to requests for comment, and the social media accounts of high-ranking diplomats have avoided the topic. On the day of publication, ruler Miguel Díaz-Canel opted to tweet about sports, cultural anniversaries, and the conflict in Gaza.
The State Department's Bureau of Western Hemisphere Affairs shared the investigation on X, asking: "If the Cuban military's secret funds aren't meeting the people's needs, what are they being used for and who truly governs Cuba?"
Key Questions on GAESA's Financial Exposure
What is GAESA and why is it significant?
GAESA is a Cuban military conglomerate controlled by the Revolutionary Armed Forces. It is significant due to its vast accumulation of assets and its influence over various sectors of the Cuban economy.
Why are U.S. lawmakers pushing for a freeze on GAESA's assets?
U.S. lawmakers are advocating for a freeze on GAESA's assets to increase pressure on the Cuban regime, which they accuse of corruption and repression, and to cut off financial resources that could be used to oppress the Cuban people.
How has the Cuban government responded to the Miami Herald's investigation?
The Cuban government has not officially responded to the investigation. Instead, it has remained silent, with no comments from the Ministry of Foreign Affairs or high-ranking diplomats on social media.