Grupo Cartes was a business conglomerate owned by Paraguay's ex-president Horacio Cartes. It includes the cigarette company Tabacalera del Este (Tabesa), as well as beverage, banking, agricultural, transportation and trading interests. The group said it employed about 3,500 people as of 2013. In 2023, U.S. ambassador to Paraguay Marc Ostfield announced that the Office of Foreign Assets Control banned doing financial operations in American dollars of any kind to Horacio Cartes and his enterprise after the investigation that concluded that he actively participated in corruption actions before, during and after his period as president of Paraguay. Later, both Horacio Cartes and his sister Sarah announced that they were leaving and divesting from the conglomerate and that the Grupo Cartes's brand and structure would be changed, effective 24 March 2023. Cartes passed shares in the businesses to his legal heirs as an advance on their inheritance, with each new company group(s) operating autonomously. More information...
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