The secret accounts of GAESAthe business conglomerate managed by the Cuban Army, are once again attracting media attention. The BBC detailed this Tuesday the most relevant findings of the investigation recently led by the Miami Herald.
According to these reports, the book value of holding military reaches 18 billion dollars. The majority, 14,000, deposited in banks. It is more than the foreign exchange reserves of Costa Rica, Greece or Finland.
These data come to light in the midst of the country’s worst crisis in decades. When the president Donald Trump arrived at the White House, he reversed all the measures that his predecessor, Joe Bidenapplied to alleviate the situation on the island a little. He tightened the noose to drown the Castro regime.
But the Cuban Government remains. While, the situation of the town is unsustainable: Blackouts occur, there is a lack of food in supermarkets and there is not even enough fuel to start the hospitals’ emergency generators.
According to the last Economic Freedom Index published by the Heritage FoundationCuba appears in position 175 out of 184 countries. In terms of GDP, it is in the middle of the table, but its economy has decreased by 10% since 2019.
In 2024, UNICEF included Cuba for the first time in its global report on childhood nutritional deprivation. About 9% of children suffer from severe food poverty. The blockade and corruption have worsened this data.
Last March, a humanitarian aid flotilla dared to defy the US blockade to bring aid to the island. About thirty activists from 11 countries sailed for five days from the coast of Yucatán to bring 30 tons of food, medicine and basic necessities.
The blockade ordered by Trump has led the island to an unprecedented humanitarian crisis. It is also true that Cubans themselves blame their government for decades of corruption.
The Cuban economy
The sugar export It was the pillar of the Cuban economy until the 80s or 90s of the 20th century. The country is one of the world’s largest producers of nickel and cobalt, essential in the manufacture of batteries.
Despite the critical internal situation, its pharmaceutical industry is developed. Cuba exports essential components for medicines and vaccines.
However, in the last 30 years, tourism has become the main driver of the economy and the largest source of foreign currency collection of the country. It is estimated that almost half of the GDP comes from this activity.
The business colossus
All the foreign exchange generating capacity of Cuba passes through only one hands: The Business Administration Group, SA (GAESA). Founded in 1995 as holding of the Revolutionary Armed Forces.
After the fall of the USSR, Cuba had lost the support of its main ally and was facing a serious supply problem. Raul Castrobrother of the dictator Fidel, created the consortium of companies under the protection of the Army to control the sources of supply.
At the helm, he placed a man of his utmost confidence: his son-in-law, Major General Luis Alberto Rodríguez López-Calleja. Initially it dealt with military supplies. Later, with the rise of tourist businessCastro’s leaders extended their tentacles towards the country’s largest source of foreign exchange.
López-Calleja stood out as an effective manager. Under his mandate, the network extended its domains to other economic sectors: the port of Mariel, mining industries and, finally, CIMEX, the largest network of gas stations and shops of the country.
It was a key acquisition: the official stores have the best supplies, but in them You can only pay in dollars. Cubans have to receive foreign currency from their relatives who have emigrated to Miami or Spain to be able to buy. It’s another easy way to bring dollars to the island.
It is estimated that, currently, almost half of the Cuban economy is in the hands of the holding military. With a peculiarity: by law, it is managed outside parliament. The Government or the Party has no control over the company.
In fact, they don’t even know the details of their accounts. According to BBC Mundothe former Comptroller General of Cuba, Gladys Bejeranowas fired in 2024 after 14 years in office for admitting during an interview with EFE that the State did not have jurisdiction to audit GAESA.
It also controls the International Financial Bankthe only entity that operates with currencies in the country. In this way, almost all the businesses that handle currencies in the country and the bank that operates abroad are in their hands.
The true owners of GAESA
The opacity of the business structure makes it very difficult to identify who holds power. After the death of the son-in-law Raul Castrothe government of the group passed to the division general Ania Guillermina Lastrathe most trusted person of the Castro clan.
According to Cuban exile researchers, power is concentrated in a select group of less than 15 people. All of them are part of the narrow circle of Castroism.
The conglomerate operates various companies abroad. Among them, some located in Panama. It is not ruled out that a good part of the capital registered in banks is deposited in Russia, China or tax havens.
Shortly after the capture of MaduroTrump announced that he was turning his sights towards Cuba and ordered an oil blockade. Then, there was talk of secret conversations between the Secretary of State, Marco Rubio, and the Castro elite. The Iran war postponed negotiations.
Among the possible Cuban interlocutors, the name of Raul Rodriguez Castro‘Raulito’, alias ‘El Cangrejo’, grandson of Raúl and son of General Rodríguez López-Calleja, former leader of GAESA. They also talked about Mariela Castro Espín, her brother Alejandro and Óscar Pérez-Oliva.
The day the US decides to undertake the assault on the island, Trump and Rubio must have the funds of the holding to reduce the reconstruction bill. Both ‘Raulito el Cangrejo’ and his closest relatives are the right people to facilitate access to the key to the box.
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