The Cuban regime confirmed on Friday the dismissal of the appeal filed with the London Court of Appeal against the investment fund CRF I Limited, which it describes as a "vulture fund," and stated that it is considering its next legal steps.
In a statement issued this Friday, the National Bank of Cuba (BNC) reiterated its critical stance on the judicial process, describing it as unfair and harmful to the interests of the Cuban people.
"On November 19, the Civil Division of the London Court of Appeal dismissed the appeal we had filed against the ruling of Judge Sarah Cockerill, issued on April 4, 2023, which stated that the National Bank of Cuba would remain in the proceedings," the statement reads.
It explains that "in February 2020, CRF I Limited, a hedge fund based in the Cayman Islands, filed a lawsuit against our banking entity in the High Court of England and Wales," and that "from the very beginning of the process, we have maintained that this fund has no connection with the financial instruments of the institution and, therefore, is neither a creditor of the National Bank of Cuba nor has ever been."
The London Court of Appeal rejected the appeal filed by BNC on Tuesday, a ruling that confirms CRF as the legitimate creditor of a sovereign debt of 72 million euros, allowing the case to move forward to a new stage for claiming payment.
The dispute originates from loans granted by European banks to the BNC during the 1980s, in which it was stipulated that English law would govern the contracts.
Furthermore, the court reminded that the BNC expressly waived its sovereign immunity for this debt, which strengthens CRF's position in the British courts.
The conflict escalated in February 2023, when Judge Sarah Cockerill determined that CRF had been recognized as a legitimate creditor in 2019.
This recognition was made possible by the approval of the transfer of contractual rights by Raúl Olivera Lozano, then director of operations at the BNC, who was later imprisoned in Cuba under charges related to this case.
The BNC argued that Olivera Lozano did not follow the necessary internal procedures and that CRF did not properly notify the transfer of the debt, but the court dismissed these allegations.
The ruling represents a severe blow to the already weakened Cuban financial system, which is facing a deep economic crisis and struggling to access international markets.
While CRF celebrates the ruling as a step forward in enforcing its contractual rights, Havana claims that the litigation seeks to obstruct its access to external financing.
The case remains surrounded by controversy. This Friday, it was revealed that actress Ana de Armas and Miguel Díaz-Canel's stepson and "advisor," Manuel Anido Cuesta, not only have a romantic relationship but also dined in Madrid with the regime's lawyers who lost a trial in London.
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