CRF I Limited (a vulture fund) admitted its premeditation to sue the National Bank and the Republic of Cuba for non-payments, according to a press release published.
The Granma newspaper (Cuban) printed a message in which it noted that during the first week of the trial corresponding to the lawsuit filed by CRF I Limited in the High Court of England, the statements of the witnesses revealed elements that allow us to understand the Cuban position.
Representatives of the fund, questioned by the English barrister who leads the defense in favor of Banco Nacional de Cuba (BNC) and the Republic of Cuba, admitted that the lawsuit in court was considered as an option, since they began the steps to try to win the debt titles that today are the subject of debate.
In the probative material presented, emails and numerous documents stand out that allow making a detailed description of the typical action of the plaintiff institution.
With this, the actions of a vulture fund were identified. CRF I Limited tried to acquire two Cuban debt titles illegally at low prices, and condition possible agreements with the BNC and the Republic of Cuba as the only option to avoid the lawsuit under English jurisdiction.
CRF I Limited also claimed that it is a legitimate creditor of two debts contracted in the 1980s, while the BNC and the Cuban State maintain that the fund was not and is not a creditor of Cuba at that time.
In order to support its position, the plaintiff showed, as cardinal evidence, the document issued by a BNC official, in which the presumed consent of the Bank and, therefore, of Cuba, was given for the rights as creditor to be transferred in favor of CRF I Limited.
The Cuban official, responsible for preparing and signing the document, the cornerstone of the vulture fund’s claim, admitted in his statement in Court, in real time from Havana, that he was aware that he was committing an illegal act that exceeded his powers, and that, furthermore, did not meet the legal requirements for its validity.