Cuba's Central Bank Faces Uphill Battle in London Lawsuit over Unpaid Loans

Cuba's former central bank failed to have a London lawsuit dismissed, concerning unpaid loans of approximately 70 million euros. The suit, filed by CRF I Ltd in 2020, targets the bank over debts originating from loans provided by European banks in the 1980s. The appeal decision permits the case to continue.

Cuba's former central bank faced a setback on Tuesday in its attempt to dismiss a lawsuit in London over unpaid loans totaling roughly 70 million euros ($74 million).

The creditor, investment firm CRF I Ltd, initiated legal action in 2020 against Cuba and the former central bank, Banco Nacional de Cuba, over two debts linked to loans originally issued by European banks during the 1980s.

Last year, London's High Court dismissed the case concerning the Cuban state but allowed the claim against Banco Nacional de Cuba to proceed. This decision was upheld by the Court of Appeal on Tuesday, enabling the lawsuit to continue its course.

(With inputs from agencies.)