{"id":267680,"date":"2023-04-05T10:48:11","date_gmt":"2023-04-05T14:48:11","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=267680"},"modified":"2023-04-05T10:48:11","modified_gmt":"2023-04-05T14:48:11","slug":"cuba-wins-trial-against-crf-i-limited-fund","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/cuba-wins-trial-against-crf-i-limited-fund\/","title":{"rendered":"Cuba wins trial against CRF-I Limited fund"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Republic of Cuba prevailed this Tuesday in the trial that took place in <\/span><a href=\"https:\/\/oncubanews.com\/tag\/londres\/\"><b>London<\/b><\/a><span style=\"font-weight: 400;\">\u00a0and which stems from the lawsuit of CRF-I Limited, the investment fund that claims to be a legitimate creditor of the Banco Nacional de Cuba (BNC) and the Cuban State.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the High Court of England and Wales, Judge Sara Cockerill notified the lawyers this Tuesday morning (local time in the United Kingdom) that she was dismissing the CRF-I Limited\u2019s lawsuit against the Cuban State, according to a <\/span><a href=\"https:\/\/www.prensa-latina.cu\/2023\/04\/04\/cuba-gana-pleito-en-londres-frente-a-fondo-buitre\"><b>report<\/b><\/a><span style=\"font-weight: 400;\"> by Prensa Latina (PL) news agency.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"es\" dir=\"ltr\">Rep\u00fablica de Cuba gana pleito en Londres. CRF no es acreedor del Estado cubano. Seguiremos informando a partir de esta decisi\u00f3n que hemos escuchado por videoconferencia desde La Habana, aproximadamente a las 3:40 am. @CubaMinjus <a href=\"https:\/\/t.co\/1mSTpvc2H9\">https:\/\/t.co\/1mSTpvc2H9<\/a><\/p>\n<p>&mdash; Oscar Silvera Mart\u00ednez (@OscarCubaMinjus) <a href=\"https:\/\/twitter.com\/OscarCubaMinjus\/status\/1643188573846355968?ref_src=twsrc%5Etfw\">April 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAt a hearing held this Tuesday, April 4 (08:45 a.m. in this capital) at the High Court of England and Wales, Judge Sara Cockerill notified the lawyers for the parties of the ruling corresponding to the lawsuit filed by the vulture fund CRF-I Limited against the Republic of Cuba and the Banco Nacional de Cuba (BNC).\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The judicial resolution confirms that the irregularities committed by BNC officials, first subject to criminal investigation and later to a judicial sentence, were reasonable reasons for the Cuban government to deny its consent to assign the debt in favor of CRF, the report pointed out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The document, according to this source, affirms that the BNC does not have the legal capacity or authority to represent the country and confirms that CRF is a stranger in the financial instruments that it claimed against the Caribbean country and did not have the right to establish the lawsuit in London.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe Republic of Cuba is, therefore, immune to English jurisdiction and has no obligation to respond with its assets to this lawsuit,\u201d reads the report, which states that the central purpose of the judicial process was to determine whether the British court could be competent to recognize the lawsuit of CRF as a creditor of the BNC and the Republic of Cuba.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the sentence notified this Tuesday morning, CRF-I Limited, registered in the Cayman Islands, is not a creditor of the Cuban State, which means that it is out of the lawsuit. From now on the process will continue only against the BNC, which will have the right to establish the lawsuits that English law allows.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This fund, constituted as an offshore commercial company, claims the payment of 72 million euros (78.6 million dollars at current exchange rates) in Cuban sovereign debt. That sum derives from loan agreements between Cuba and two European banks (Cr\u00e9dit Lyonnais and L\u2019Istituto Bancario Italiano) signed in the 1980s.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Judge dismisses the lawsuit. Proceedings will continue against the BNC, which will have the right to establish such lawsuits as English law allows.<\/p>\n","protected":false},"author":3134,"featured_media":267682,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13902],"tags":[29340],"ppma_author":[33546],"class_list":["post-267680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cuba","tag-cuban-external-debt"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cuba wins trial against CRF-I Limited fund | OnCubaNews English<\/title>\n<meta name=\"description\" content=\"Judge dismisses lawsuit. 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