Businessweek Archives

Grupo Domos Says Salinas Didn't Help (Int'l Edition)


International -- Readers Report

GRUPO DOMOS SAYS SALINAS DIDN'T HELP (int'l edition)

I would like to correct two points you recently made in "Psst! Want a piece of a hot Cuban deal?" (Finance, Jan. 29). First, the article states that Grupo Domos was backed by former President Carlos Salinas. At no point during my recent interview with BUSINESS WEEK reporter Geri Smith did I make such a statement. Furthermore, that conclusion cannot be reached from the interview. Quite the contrary, I explained the numerous difficulties we encountered in our deal, precisely because of lack of support.

Second, the article says I stated that Grupo Domos and STET International have carried out minimum investments, apart from installing three new telephone exchanges in Cuba and replacing maintenance vehicles. I never mentioned that we had so far only replaced three exchanges, since the actual number is considerably larger. You also omit to note the $135 million credit agreement that Etecsa signed with Ericsson and Alcatel for replacing and expanding the current phone network.

In the interest of providing your readers with accurate information, I would appreciate it if these corrections were published in your next issue.

Javier Garza Calderon

Chairman and CEO

Grupo Domos

Mexico

Editor's note: President Salinas' administration sold Cuban debt to Domos at a discount for use as a swap payment. Salinas underscored Mexican political support by attending the signing of the deal between Domos and the Cuban telephone company in Havana.Return to top

THE U.S. MAY BE READY TO START TRADING WITH CUBA (int'l edition)

Having read "Fidel draws investors" (Global Wrapup, Feb. 5), one wonders what Washington is thinking after failing to break Cuba's economic back with its 36-year embargo. With numerous joint-ventures between Cuba and companies from Europe, Latin America, and Canada, will the U.S. forego its paranoia and open the gates of enterprise?

Bert J. Snelgrove

Barrie, Ont.

CanadaReturn to top


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus