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Cuba’s reasons in London, facing a vulture fund

Razones de Cuba en Londres, ante un fondo buitre
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Starting on January 23, according to a Cuban media report, the London, United Kingdom-based High Court of Justice (HCJ) will hold the hearing involving a lawsuit against Banco Nacional de Cuba (BNC) and the Republic of Cuba filed by CRF I Ltd (CRF), an investment fund incorporated in the Cayman Islands, which claims to be the holder of two financial instruments of Cuban public debt lingering from 1984, while BNC maintains that CRF is a vulture fund that is not and never has been a creditor of Cuba.

CRF stressed that Cuba took loans from sovereign states and moneylenders back in the 1970s and 80s, when BNC was the Central Bank and in 1984 signed the said two financial instruments of public debt to borrow money from the Credit Lyonnais Bank Nederland NV and the Instituto Bancario Italiano, which complied with both Cuban and international financial laws.

Neither Cuba nor BNC recognize CRF as a legitimate creditor for three main reasons: first, because as a vulture fund it would never have been accepted as a creditor; secondly, because CRF resorted to illegal mechanisms to present itself as a creditor; and thirdly, because the said illegal mechanisms involved serious irregularities committed by BNC officials who are currently in prison for breaking the law.

A motion has been submitted to the English court to establish whether CRF is a legitimate creditor of the BNC and Cuba and, therefore, whether the HCJ has any jurisdiction over the claim.

Representing the BNC and Cuba in this trial will be a team of prestigious English and Spanish attorneys, together with Cuban lawyers and representatives of organizations engaged in the management of the Cuban public debt.

The BNC and Cuba have never ignored their debts, as long as they are valid, legal, current, enforceable and binding, and have always been interested in negotiating with legitimate creditors, the report concludes.

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