From en.wikipedia.org:
[State-owned conglomerate in Cuba] [date=April 2023] [the Cuban conglomerate]
{{Infobox company | name = CIMEX | logo = Logo CIMEX (Cuba).png | logo_size =
| caption = | native_name = Corporación CIMEX S.A. | native_name_lang = es |
type = State-owned enterprise | predecessor = | founded = 1978 | location_city
= Havana | location_country = Cuba[1] | key_people = Héctor Oroza Busutil
(president) | industry = | products = | services = {{Plainlist|
- Import–export
- Banking
- Tourism
}} | revenue = $1.3 billion (2006)[2] | num_employees = 25,000 (2006)<ref
name="Reuters"/> | divisions = | subsid = | website = [https://www.cimex.cu/]
| footnotes = | intl = }} CORPORACIÓN CIMEX S.A. (from Spanish: _Comercio
Interior, Mercado External_ for "Domestic Business, External Market") is a
state-owned conglomerate in Cuba involved in the import and export of goods,
as well as tourism and banking. It has been called Cuba's largest commercial
operation, and is headed by Colonel Héctor Oroza Busutil.<ref name="Reuters"/>
It has since been absorbed by the military consortium GAESA.
** Operations
CIMEX operates outside the socialist norms of Cuba's economy and serves to
earn hard currency through profit-seeking investments – often through tourism
or other industries that serve the monied Cuban diaspora in Miami and
beyond.[3][4]
Little is known about the exact nature of the company's operations. One
scholar noted that "because state agencies and joint ventures do not publish
annual reports, the logic behind the organization of CIMEX is unclear."<ref
name="Yearbook"/> Others have called it "an octopus of many tentacles" due to
its diverse holdings.[5]
The company operates the Banco Financiera International, one of top three
most-important banks in the country, and the Banco de Inversiones. Both banks
have been accused of being involved in money laundering for drug trafficking
activities.[6] CIMEX also operates more than 100 Western Union outlets in
Cuba.<ref name="Reuters"/>
In the tourism sector CIMEX encompasses Havanatur, the oldest and largest
travel agency in Cuba, Havanauto, the largest car rental agency, as well as
businesses supporting various hotels and resorts. With this reach across the
tourism and financial sectors, CIMEX maintains a monopoly on travel and wire
transfers between Cuba and the United States.<ref name="Reuters"/>[7]
CIMEX is also in charge of exporting domestically-produced goods such as rum,
coffee, cigars, apparel, ice cream, perfume, jewelry soda and fruit juice.
Among the most well-known of its dozens of subsidiaries is Kave Coffee.<ref
name="Yearbook"/> On the Island itself, CIMEX operates Panamericanas general
stores, Servi-Cupet gas stations and other retail outlets.<ref
name="Reuters"/> The company has pledged to crack down on staff marking up
products for personal profit at its 1,300 stores around the island.[8]
** History
CIMEX was founded by the Cuban Ministry of the Interior in 1978 in Panama to
circumvent United States sanctions. It also established operations in Mexico,
Spain and Florida.[9] Beyond Latin America and Europe, CIMEX also oversees
some businesses as far away as Liberia and Japan.<ref name="ASCE"/>
Headquartered in Havana, it is also the first domestic _Sociedad Anónima_.<ref
name="Corruption in Cuba"/>
In the first decades of its existence, CIMEX was headed by military commanders
chosen by Fidel Castro. One former president of the company, Eduardo Bencomo
Zurdos, was a doctor for and personal friend of Castro. Other employees were
typically recruited from armed forces, the Ministry of the Interior, or the
Young Communist League and reportedly required three recommendations from
those loyal to the government. In 2010, after Castro's illness, CIMEX was
absorbed into the military consortium GAESA.[10]<ref name="Corruption in
Cuba"/>
In 2003, the company reportedly generated $950 million in revenue.<ref
name="Cubanews"/> By 2006, as tourism and remittances both increased, this
grew to $1.3 billion.<ref name="Reuters"/>
** References
[Reflist]
Category:Government-owned companies of Cuba