Elías Amor Questions GAESA's Alleged $18 Billion: "We'll See When the Books Are Opened"

Economist Elías Amor has made a pointed statement regarding the figures circulating about GAESA's assets: without access to their actual accounts, any number—whether it be 18,000, 22,000, or 2,000 million dollars—is mere speculation. He shared this perspective during an interview with Tania Costa, in a segment dedicated to examining the financial secrecy of the Cuban military conglomerate.

"We'll have to see once GAESA's books are finally open and we get a look at their accounts, which remain hidden, opaque, and unknown. We might be in for a surprise with these spendthrifts," the economist asserted, casting doubt on the management skills of the Cuban communists and the fate of the public funds they have seemingly squandered.

Amor, who prides himself on relying on hard data before forming any conclusions, compared himself to Saint Thomas, emphasizing his need for tangible evidence. "I'm an economist who has spent his entire life with paper and accounts," he stated, highlighting his limitations. "I cannot comment on a company based on hearsay figures like eighteen billion or twenty-two billion or two billion. No, no. Give me the accounts, and I'll tell you exactly how much they have. I'll calculate it in five minutes."

The alleged $18 billion in assets attributed to GAESA originated from leaked internal documents analyzed by the Miami Herald in 2024, which also indicated around $14,467 million in the group's bank accounts. Marco Rubio referenced this figure when advocating for sanctions against GAESA, which were formalized on May 7, 2026, under Executive Order 14404, arguing that the conglomerate hoards Cuba's wealth while the populace experiences shortages. Meanwhile, the BBC acknowledged its inability to independently verify this figure.

Understanding GAESA's Asset Complexity

Amor clarified that discussing "assets" doesn't equate to discussing liquid cash. "Assets can encompass a variety of things: they might be debt securities, buildings, warehouses, ships, yachts, or even farmland. It's challenging to approach a company shielded from audit controls and commercial registries."

He portrayed GAESA as a shadowy consortium devoid of verifiable public data. "If you search online for GAESA's accounts, you'll find absolutely nothing," he said. Amor went further, characterizing its managers: "GAESA is a consortium of the State Security, the Army, and the Castro family, who can't be described as business management prodigies, but rather a group of spendthrifts indulging in lobster and other lavish foods."

Speculating on GAESA's Financial Maneuvering

Regarding the money's actual whereabouts, Amor proposed a troubling hypothesis. "They've probably transferred ownership to others or relocated the funds, engaging in practices I won't detail here but which oppose a market economy." A legal reform in 2022 stripped the General Comptroller of Cuba of the authority to audit the military conglomerate or its associated enterprises.

When asked by a listener why the regime would risk losing power if it controlled such wealth, Amor responded bluntly: "Perhaps they don't have as much money as believed. I seriously doubt they possess such wealth."

In closing, Amor offered a broader perspective on Cuba's crisis: "The economic disaster in Cuba is widespread. It's a hole that no one knows how to fill." He concluded by affirming that the solution won't come from the regime. "Cuba's future must be shaped by well-intentioned Cubans who lead a new democratic government to pull the country out of this abyss. Because, as I insist, not everything that glitters is gold."