In a Dutch oven, add meat with water and salt. Cook at medium-low until the meat is tender, about 2 hours (In a pressure cooker, this takes about 30 minutes). Transfer to a plate. Shred meat and set aside.
In a skillet, heat olive oil at medium heat. Add green pepper, red pepper, onion, garlic and dry cooking wine. Sauté for 1-2 minutes. Add tomato sauce, ground cumin, oregano, bay leaf, salt and pepper. Cook for 15-20 minutes, stirring occasionally until tender.
Add shredded meat to skillet. Stir to combine with sauce. Cover and cook on low for about 10-15 minutes, stirring occasionally, without letting it dry out. Remove bay leaf and serve over rice and sweet plantains.