14 Nov 2011

Cuban Government Investigates British Company on Corruption Allegations

Cuba’s recent anti-corruption investigations into relations between state businesses and foreign companies now hit the British investment fund Coral Capital and led to the arrest of its chief executive last week. The government has not yet disclosed the accusations against the companies.

The move against Coral Capital resembles measures to shut down two Canadian trading firms in the last couple of months. In their case, the arrest of Vice Minister for sugar Nelson Labrada suggested that the investigations were related to purchases from the Canadian companies, but the specific accusations were not made public.

Efforts to fight corruption in Cuba have been a priority in Raul Castro’s government since he took power in 2008. In 2009, he established a Comptroller-General’s Office to assist the government in its anti-corruption policies.

Read the full article Cuba probes British fund, arrests top executive on reuters.com. The picture featured above is from trust.org and is credited to Reuters/Enrique de la Osa.