Heat a stock pot over medium heat until rim is hot to the touch. Add oil and heat an additional minute.
Add the onion, pepper, garlic, oregano and cilantro; reduce heat to medium-low and cook for 10 minutes, stirring occasionally.
Add the chicken and cook for 5 minutes, stirring occasionally. Stir in the tomato sauce, water, bay leaf, olives, vinegar and adobo. Bring to a boil, cover, reduce heat to low and cook for 25 minutes.
Add wine and potatoes and cook another 20 minutes until chicken is tender and falls off the bone. Cook uncovered for 5 minutes or until stew thickens slightly; add salt and pepper to taste
Serve over white rice and garnish with a sprig of cilantro.