In the latest development, the Banco Nacional de Cuba (BNC) announced on Wednesday that the London Court of Appeal is reviewing new details in the ongoing litigation between the Cuban government and the investment fund CRF Limited I. According to a statement from the BNC, "on April 4, 2023, the High Court of England and Wales issued a ruling stating that it should be examined whether the vulture fund CRF I Limited is indeed a creditor of the Banco Nacional de Cuba."
As part of the proceedings, the London Court of Appeal was scheduled to hold a hearing on July 24 to analyze the case. "Since the beginning of the process, initiated before English courts by the vulture fund to claim a right it does not possess, the Banco Nacional de Cuba has maintained that this economic entity is not its creditor and, therefore, there is no valid reason to support such a stance," the Cuban entity's statement read.
Additionally, the institution "reaffirms, once again, its ongoing willingness for dialogue and respect towards debts contracted with legitimate creditors; which has no relation whatsoever with an external entity to its financial instruments, such as CRF I Limited." The statement brings the issue back into the public spotlight, as in June 2023, Judge Sara Cockerill of the Commercial Court of the High Court in London dismissed the regime's appeal.
At that time, the specialized site Cuban Trade reported that the investment fund highlighted that the decision was a significant step forward for CRF, limiting Cuba's defensive options. The so-called "London Trial" seeks to determine whether the venture capital fund CRF I Limited is a legitimate creditor of a $75 million Cuban debt.
The impact has been notable, as even the official press has provided details: The possible decision of the English court will have no implication on the Cuban economy, because "it is a procedural matter of jurisdiction, so in no case will financial amounts of the debt be discussed in this hearing," assured the official newspaper Granma in January 2023.
For now, it appears the situation remains unresolved, with no decision on whether the accusing company, labeled a "vulture fund" by the Cuban regime, legally acquired an unpaid debt from the era of the late Fidel Castro and can claim its interests from the island.
Key Questions About the London Court Appeal in the Cuban National Bank Case
To provide a clearer understanding of the ongoing legal battle between the Cuban National Bank and CRF Limited I, here are some key questions and answers related to the case.
What is the main issue being debated in the London Court of Appeal?
The main issue is whether CRF I Limited is a legitimate creditor of the Banco Nacional de Cuba, specifically regarding a $75 million Cuban debt.
Why does the Banco Nacional de Cuba dispute CRF I Limited's claim?
The Banco Nacional de Cuba disputes the claim on the grounds that CRF I Limited is not a legitimate creditor and therefore has no right to claim the debt.
What was the significance of the June 2023 ruling by Judge Sara Cockerill?
Judge Sara Cockerill's ruling dismissed the Cuban regime's appeal, marking a significant step forward for CRF I Limited and limiting Cuba's defensive options.
Will the court's decision impact the Cuban economy?
According to the official newspaper Granma, the court's decision will not impact the Cuban economy as it is a procedural matter of jurisdiction and does not involve discussing financial amounts of the debt.