Cuba has Guarantees for Investors against Helms-Burton Law

Jun 13, 2019 by

Cuba has Guarantees for Investors against Helms-Burton Law

altHavana, Jun 7 (Prensa Latina) Cuba has legal guarantees that protect foreign investors against the application of Tittle III of the anti-Cuban Helms Burton Law, an authorized source reiterated Friday.

According to statements made to the Cubadebate website by Deborah Rivas, Director of Foreign Investment at Cuba’s Foreign Trade Ministry, security for foreign business is based on three fundamental norms.

The first of these, she said, is present in Article 28 of the Constitution of the Republic, which explicitly states that the State fosters and provides guarantees to foreign investment, as an important element for the economic development of the country, based on the protection and rational use of human and natural resources, as well as respect for national sovereignty and independence.

He also referred to Law 118 of 2014 or Foreign Investment Law, which states in one of its articles that investments are protected in the country against claims by third parties that conform to the law or the extraterritorial application of laws of other states, in accordance with Cuban laws and as provided by national courts.

Title III of the Helms-Burton Act, which came into force on May 2, establishes the authorization for U.S. nationals to file lawsuits against foreigners before US courts for alleged trafficking in property that was nationalized in 1960 in Cuba.

So far, according to sources from the Cuban Foreign Ministry, four lawsuits have been filed.

One of the company Exxon Mobile against the national Union Cuba-Petroleum (Cupet) and the Corporation Cimex S.A, two against the American cruise line Carnival and one against the Cuban Grand Caribbean, Cubanacan, Cimex and Gaviota for a hotel in Cienfuegos, in the center-south zone in Cuba.

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