CubitaNOW write ~ Wednesday, June 28, 2023
The Cuban government has lost its appeal for the €72m debt claimed by the investment fund CRF I of Banco Nacional de Cuba (BNC), it was revealed today.
An analysis by journalist Ernesto Morales called today’s incident a “massive setback of epic proportions”.
On this day, the British judicial system announces the judgment handed down on June 22 by Justice Sarah Cockerell of the Chamber of Commerce of the High Court in London.
Morales recounted that the main line of defense for the Cuban side was to point out that the UK court had no jurisdiction in the case, and he also argued that Cuban law was not translated or explained during the previous trial as they tried to assert that Banco Nacional de Cuba (BNC) was not a state entity. hydrangea
Last April, British law ruled that the CRF I was not a creditor to the Cuban state, but ordered that the BNC repay the debt. At the time it was said that there would be an appeal and the result was rejection. Therefore, Banco Nacional de Cuba is still obligated to pay the money to CRF I.
News platform Diario de Cuba (DDC) released CRF I’s official statements acknowledging victory and an important step in the legal process that itself “limits the defense options of the Cuban government and significantly improves the CRF’s position in the case.”
Proving this precedent, the Debt Distribution Center (DDC) notes that “the Industrial and Commercial Bank of China, through ICBC Standard Bank, has sued Cuba for about 1,100 million euros”.
“This action comes after significant pressure from the CRF for the ICBC to protect its interests as custodian of the CRF’s Cuban assets. The decision of the Chinese central bank 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 Cuba’s sovereign debt, also said that “Havana has already reimbursed CRF for court-ordered legal costs after CRF’s initial victory in the UK Supreme Court.”
The pro-DDC exposed document adds that CRF I “maintains its commitment to protecting its interests and those of its investors” and “continues to advocate a just solution to the debt problem with the Cuban government. But the negotiating outcome requires good faith on both sides, and so far the Cuban side has refused to negotiate.”
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