2023-06-28 23:41:37
CubitaNOW Newsroom ~ Wednesday, June 28, 2023
The Cuban government has lost its appeal for a debt of 72 million euros that the investment fund CRF I claims from the Banco Nacional de Cuba (BNC), it was revealed this day.
An analysis by journalist Ernesto Morales described the incident that occurred today as a “colossal setback and of epic proportions.”
On this day, the British justice system announced the ruling that was taken on June 22 by Judge Sara Cockerill of the Commercial Chamber of the High Court in London.
Morales recounted that the main line of defense of the Cuban side was to point out that the United Kingdom court had no jurisdiction over the case and also argued that Cuban law had not been translated or explained during the previous trial where they tried to affirm that the Bank Nacional de Cuba (BNC) was not an entity of the Cuban state.
Last April, British law ruled that CRF I was not a creditor of the Cuban State, however it ordered that the BNC should pay the debt. At that time it was said that there would be an appeal and the result has been the dismissal. Therefore, Banco Nacional de Cuba continues to have the obligation to pay the money to CRF I.
The Diario de Cuba (DDC) news platform released the official statements of CRF I that has recognized the victory and an important step in the legal process that in itself “limits the defensive options of the Government of Cuba and significantly improves the position of CRF in the case”.
With this precedent established, the DDC points out that “the Industrial and Commercial Bank of China, through the ICBC Standard Bank, has initiated legal proceedings against Cuba for approximately 1,100 million euros.”
“This action follows significant pressure from CRF for ICBC to protect its interests as custodian of CRF’s Cuban assets. The ICBC’s decision to litigate against Cuba is an important step forward for CRF and adds another dimension to the growing legal challenges,” they added.
CRF I, considered the private holder of the largest volume of Cuban sovereign debt, also said that “Havana has already reimbursed CRF for court-ordered legal costs following CRF’s initial victory in the UK High Court.”
The pro-DDC exposed document adds that CRF I “maintains its commitment to protect its interests and those of its investors” and “continues to advocate for a fair resolution of the debt problem with the Cuban Government. But a negotiated result requires good will on both sides, and so far the Cuban side has refused to negotiate.”
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