Humberto López, the spokesperson for the Cuban regime and presenter on state television, has traveled to London to report on the latest developments in the judicial process taking place at the UK Court of Appeal. This case involves a dispute between the Cuban government and the investment fund CRF Limited I.
According to recent statements from the National Bank of Cuba (BNC), the court is examining new details about the case, where the investment fund—referred to as a "vulture fund" by the Cuban state media—is contesting its status as a creditor of the state bank. "From the start of this process, initiated by the vulture fund in English courts to claim a right it does not have, the National Bank of Cuba has maintained that this economic entity is not its creditor and, therefore, has no valid claim," stated the BNC.
Outside the UK Court of Appeal, López reminded viewers that "last year, a ruling favored the Republic of Cuba, the Cuban state, as part of this lawsuit in which the vulture fund sought to involve our country." He added, "The ruling allowed the court to exclude the Cuban state from the lawsuit and... well... kept the National Bank of Cuba in the case," reiterating the regime's stance from the British capital.
However, López's interpretation of the June 2023 ruling by Judge Sara Cockerill of the Commercial Court in the High Court of London is inaccurate and presents a biased view. He focuses on what the regime considers a "victory," separating the Cuban state from the bank.
In a different analysis of the same ruling, the specialized site Cuban Trade highlighted that Cockerill's decision was a significant step forward for CRF, limiting Cuba's defensive options. The so-called "London Trial" is determining whether CRF I Limited is a legitimate creditor of a $75 million Cuban debt.
Additionally, the Industrial and Commercial Bank of China, through ICBC Standard Bank, the custodian of CRF's Cuban assets, announced in June last year that it had initiated legal action against Cuba for approximately €1.1 billion to defend the interests of the investment fund.
Ignoring the procedural evidence, López reiterated the Cuban state’s official stance that "there is no commitment of state assets in relation to this process."
"What is happening right now is a jurisdictional trial to determine, in a future process, whether English courts and this country's jurisdiction can review the core of the claim," the presenter explained.
López revealed that in London, BNC Chairwoman Juana Lilia Delgado is present, "accompanied by a team of Spanish and English lawyers participating in the exchanges, which are primarily dialogues between the barristers of each side."
"A barrister is a specialized lawyer who has the authority to speak with judges. Well, the barristers from each side have these exchanges with the judges separately, not with each other, and then Cuba has the opportunity to make a kind of reply," he explained.
According to López, the Cuban regime's arguments "are based on proving that last year's judge was wrong in not considering the evidence presented by the National Bank of Cuba to demonstrate that this vulture fund is entirely unrelated to its financial instruments."
"In other words, it has never been and is not a creditor of the National Bank of Cuba. This means that, not being a creditor, no other court could develop a process later on to analyze the core issue," the presenter stated confusingly, acknowledging the "complexity" of the topic.
Understanding the abstruse explanation, López summarized Cuba's position in the dispute. "What is being analyzed here is whether another court can review the core issue, [which is] whether the debt needs to be paid. Cuba's stance is 'I have nothing to discuss with the vulture fund; it is not my creditor and has never been.'"
In January 2023, the official newspaper Granma summarized it with these words: The possible decision of the English court will have no implication on the Cuban economy because "it is a procedural jurisdictional issue, so in no case will financial amounts of the debt be discussed in this hearing."
Key Questions About the London Appeal Hearing Involving Cuba's National Bank
This section addresses some of the most pertinent questions related to the ongoing legal battle between the Cuban government and the investment fund CRF Limited I, as reported by Humberto López from London.
What is the main issue being contested in the London Appeal Hearing?
The primary issue is whether CRF I Limited is a legitimate creditor of a $75 million Cuban debt and whether English courts have jurisdiction to rule on this matter.
What was the significance of Judge Sara Cockerill's ruling in June 2023?
Judge Sara Cockerill's ruling was considered a significant step forward for CRF, limiting the defensive options available to Cuba, despite the regime's portrayal of the decision as a victory.
Who is representing the National Bank of Cuba in London?
Juana Lilia Delgado, the Chairwoman of the National Bank of Cuba, is in London along with a team of Spanish and English lawyers to represent the bank in the court proceedings.