Season flank steak with 1/2 tsp salt and pepper.
In 5-6 quart pot heat 2 tablespoons oil over medium-high heat and add meat in a single layer and cook until well browned. Remove to a plate and repeat until all meat is browned.
In same pot, heat 1 tbsp oil over medium high heat, add quartered onion, half green and yellow pepper. Cook stirring frequently until vegetables are browned about 5 minute.
Add broth, bay leaves, peppercorns, cumin, and 1/2 teaspoons salt. add steak and any juices from the steak. The steak should be covered with broth, pour in addition broth if needed. bring to a boil; reduce heat to low and simmer, covered until steak is fork tender, 2 1/4 to 2 1/2 hours.
Transfer steak to a plate. strain liquid and discard solids. Let the steak cool a bit and shred it.
In the same pot, heat 2 tablespoons oil over medium heat. Add thinly sliced onions, green, red, and yellow peppers, garlic, salt, and 1/4 teaspoons pepper. Cook stirring frequently until onions and peppers soften.
Stir in tomato paste until vegetables are coated. Stir in crushed tomatoes and their juices. Skim off any fat from the reserved liquid and add 2 1/2 cups and 1/4 teaspoons salt. Bring to a boil; reduce heat to low and simmer until slightly thickened, about 20 minutes.
Return shredded steak to stew and cook until heated through, stirring occasionally, about 2 minute Stir in olives. Taste and adjust seasoning to your tastes.
Serve with black beans and white rice, boiled potatoes or fried plantains. makes 8 servings.