Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) identified three entities controlled by the Cuban military with strategic roles in the Cuban economy. Two of the entities, Financiera Cimex S.A. and Kave Coffee, S.A., are subsidiaries of the third entity, the large Cuban government enterprise Grupo de Administración Empresarial S.A., and use their Panamanian incorporation to subvert international trade restrictions. “The Trump administration remains committed to targeting the Cuban regime for its malign behavior and attempts to circumvent United States sanctions,” said Secretary Steven T. Mnuchin. The following entities are being identified on the List of Specially Designated Nationals and Blocked Persons by OFAC pursuant to the Cuban Assets Control Regulations (CACR), 31 C.F.R. part 515.

GRUPO DE ADMINISTRACIÓN EMPRESARIAL S.A.

Grupo de Administración Empresarial S.A. (GAESA) is a Cuban military-controlled umbrella enterprise with interests in the tourism, financial investment, import/export, and remittance sectors of Cuba’s economy. GAESA’s portfolio includes businesses incorporated in Panama to bypass CACR-related restrictions.

FINANCIERA CIMEX S.A.

Financiera Cimex S.A. (FINCIMEX) is a financial investment and remittance company owned by GAESA and incorporated in Panama. FINCIMEX is authorized by the Central Bank of Cuba to finance export operations, conduct financial leasing operations, and handle commercial distribution of remittance cards.

KAVE COFFEE, S.A.

Kave Coffee, S.A. (Kave) is a coffee company domiciled in Havana, Cuba, and incorporated in Panama. Kave is an indirect subsidiary of GAESA and serves as a leading commodity company based around the nationalized “Cubita” coffee brand.

For more information on Cuba sanctions, click here.

STATE DEPARTMENT INFORMATION

GAESA and FINCIMEX are also listed on the State Department’s List of Restricted Entities and Subentities Associated with Cuba (“Cuba Restricted List” or “CRL”). The CRL is a list of entities and subentities under the control of, or acting for or on behalf of, the Cuban military, intelligence, or security services or personnel with which direct financial transactions would disproportionately benefit such services or personnel at the expense of the Cuban people or private enterprise in Cuba.

For more information on the additional restrictions on GAESA, FINCIMEX, and other entities and subentities by virtue of their listing on the CRL, please see 31 C.F.R. part 515.209.

“As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked and U.S. persons are generally prohibited from dealing with them.”

There are eighty-two (82) Republic of Cuba-affiliated entities on the SDN List. LINK

The following entities have been added to OFAC's SDN List:

FINANCIERA CIMEX S.A (a.k.a. FINCIMEX), Calle 8, Entre 3ra Y 5ta Ave, 319 Playa, Havana, Cuba; Panama; RUC # 12555-91-124494 (Panama) [CUBA].

GRUPO DE ADMINISTRACION EMPRESARIAL S.A. (a.k.a. GAESA; a.k.a. "GRUPO GAE"), Edificio de la Marina, Avenida Del Puerto Y Brapia, Havana, Cuba; Organization Established Date 28 Feb 1999; Organization Type: Activities of holding companies [CUBA].

KAVE COFFEE S.A. (a.k.a. KAVE COFFEE S A), Panama; Calle A No. 310 entre 3ra y 5ta, Municipio Playa, Havana, Cuba; RUC # 22044-123-197519 (Panama) [CUBA].

KAVE COFFEE, S.A.
Company Number: 197519
Native Company Number: 197519S
Status: Vigente
Incorporation Date: 7 August 1987 (over 33 years ago)
Company Type: SOCIEDAD ANONIMA
Jurisdiction: Panama
Registered Address: PROVINCIA PANAMÁ, Panama
Agent Name: MORGAN Y MORGAN
Directors / Officers
DOLORES GAEZ, suscriptor
EL PRESIDENTE GONZALO BERNAZA, Y EN SU AUSENCIA EL VICEPRESIDENTE-VICTOR VIZQUERRA, representante
HECTOR OROZA BUSUTIL, presidente
HECTOR OROZA BUSUTIL, director
JOSE ROBERTO LUTTRELL, suscriptor
MALI SURIS VALMAÑA, secretario
MALI SURIS VALMAÑA, director
MORGAN Y MORGAN, agent
ROSARIO FERRER SAN EMETERIO, director
ROSARIO FERRER SAN EMETERIO, vicepresidente

Economic Eye On Cuba

OFAC Adds Fincimex, GAESA, Kave Coffee (Panama) To SDN List- Biden Administration Will Weigh Carefully Any Reversal

U.S. - Cuba Trade and Economic Council, Inc.