Cuba's Central Bank Loses Key Appeal in London Debt Lawsuit

Cuba's former central bank lost an appeal in a London lawsuit regarding unpaid loans amounting to 70 million euros. The lawsuit, filed by CRF I Ltd, concerns loans originally granted in the 1980s. This decision highlights CRF's legal strategy and could impact other creditors seeking $7 billion from Cuba.

Cuba's former central bank has failed to dismiss a London lawsuit concerning unpaid loans worth approximately 70 million euros. The legal challenge, initiated by investment firm CRF I Ltd in 2020, addresses loans originating from the 1980s, initially issued by European banks to Cuba.

The High Court had previously ruled to dismiss the case against the Cuban state, allowing proceedings against Banco Nacional de Cuba to continue. The decision, now upheld by the Court of Appeal, represents a notable progression in CRF's legal campaign, as highlighted by Judge Stephen Phillips in his ruling.

This ongoing litigation is being closely monitored by other creditors aiming to recover around $7 billion in sovereign debt from Cuba, underscoring the case's broader implications.

(With inputs from agencies.)