Regime loses appeal in London over Banco Nacional de Cuba loan

Writing CubitaNOW ~ Wednesday, June 28, 2023

The Cuban government has lost its appeal for a 72 million euro loan that investment fund CRF I is claiming from the Banco Nacional de Cuba (BNC), it was revealed today.

Journalist Ernesto Morales’ analysis described today’s incident as “a giant setback and epic proportions”.

Today, the British justice system announced the June 22 ruling by Judge Sarah Cocker of the Commercial Chamber of the High Court in London.

Morales described the Cuban side’s main defense as pointing out that the UK court had no jurisdiction over the case. He also argued that the Cuban law had not been translated or interpreted during the previous trial. The Banco Nacional de Cuba (PNC) is not an agency of the Cuban government.

Last April, British law ruled that CRF I was not a creditor of the Cuban government, although it ordered BNC to pay the debt. It was said that an appeal would be made and the dismissal was dismissed. Therefore, Banco Nacional de Cuba continues to have an obligation to pay CRF I.

The Diario de Cuba (DDC) news site published the official statements of the CRF I, recognizing the victory and an important step in the legal process that “limits the Cuban government’s defensive options and significantly improves the position of the CRF. Case”.

Establishing this precedent, the DDC points out that “Industrial and Commercial Bank of China, through ICBC Standard Bank, has initiated legal proceedings against Cuba for approximately 1,100 million euros.”

“This action follows CRF’s significant pressure on ICBC to protect its interests as the custodian of CRF’s Cuban assets. ICBC’s decision to sue Cuba is an important step for CRF and adds another dimension to the growing legal challenges,” they added.

CRF I was considered the individual holder of the largest amount of Cuban sovereign debt, and added that “Havana has already reimbursed CRF for the legal costs of the court order following CRF’s initial victory in the UK High Court”.

A leaked document supporting the DDC said CRF I “maintains its commitment to protecting its interests and the interests of its investors” and “continues to advocate for a just solution to the debt problem with the Cuban government. But a negotiated settlement requires good will on both sides, and so far the Cuban side has refused to negotiate.”

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