British court rejects Cuba’s appeal of judgment on CRF I investment fund

Justice Sarah Cockerill, of the London High Court Chamber of Commerce, rejected an appeal by the Government of Cuba to set aside its ruling in the trial last April, in order to determine whether the CRF I investment fund was a legitimate creditor to the state. cuban f National Bank of Cuba (BNC) for a wheel worth 72 million euros.

In her initial decision, the judge decided that there were legal grounds for the aforementioned fund to be able to sue BNC for non-payment of this debt, but not to consider the group of investors as creditors of the Cuban state in favor of the Cuban state. Loans granted in 1984 by European banks Crédit Lyonnais Bank Nederland and Istituto Bancario Italiano, through BNC.

in press release Unveiled on Wednesday by CRF I, the fund assessed Cockreil’s decision as “a significant advance in his ongoing legal battle,” because it “confirms the court’s original decision in favor of CRF I” and “limits the defense options of the government of Cuba and significantly improves its position.” CRF in the case.”

London proceedings: BNC Colleges head CRF I Limited fails to collect debt ‘lawfully’

“In an unprecedented step, the Industrial and Commercial Bank of China, through its British subsidiary ICBC Standard Bank, has filed legal measures against Cuba for about 1.1 billion euros,” the statement added.

For CRF I, which Cuba considers an eagle fund, “this action comes after significant pressure from CRF for ICBC to protect its interests as custodian of CRF’s Cuban assets. The Central Bank of China and Commercial Bank’s decision on litigation against Cuba is an important step forward for CRF,” he adds. Another dimension to the growing legal challenges.”

The investment group also noted that the island government had “already reimbursed CRF for court-ordered legal costs following CRF’s initial victory in the UK High Court”.

In his view, “This compensation validates CRF’s claims and is a positive sign for CRF and its investors.”

Cuba wins the CRF I Limited fund trial

So far, neither the Cuban government nor the island’s financial entities involved in the operation have issued statements regarding the new decision of the British court.

As reported, CRF I is registered in the Cayman Islands and was created to invest in Cuba’s outstanding sovereign debt. It has a bond portfolio that in 2017 reached €1.2 billion ($1.3 billion at current exchange rates), which is why it is considered the largest holder of Cuban debt.