“CRF I Limited Welcomes Decisive English Court of Appeal Ruling in Favor of CRF London, 19th Nov 2024

CRF I Limited ("CRF") is pleased to announce that the English Court of Appeal has unanimously ruled in favor of CRF in its ongoing litigation against Banco Nacional de Cuba (BNC). This decisive ruling, while expected, marks a significant step forward in CRF’s legal strategy. The ruling affirms the validity of CRF's claims and underscores their enforceability under English law. With this favorable outcome, CRF will now proceed to the Merits phase of the trial, where we remain confident of securing a win. The facts are clear: Cuba borrowed these sums and has failed to honor its repayment obligations, a pattern that has been consistent across its dealings. CRF has made persistent efforts to engage with Cuban authorities to negotiate the debt in good faith since 2013. Despite our ongoing willingness to negotiate a fair resolution, the Cuban side has shown little interest in constructive dialogue. As such, CRF will continue to pursue this case with determination, seeking justice and enforcing our legal rights. David Charters, Chairman of CRF, commented: "Today’s ruling reinforces our confidence as we advance to the next phase. While CRF has consistently sought a fair and equitable settlement, we remain steadfast in pursuing justice for our stakeholders if negotiations are not forthcoming." CRF looks forward to continuing its legal pursuit and ultimately securing a favorable outcome for the benefit of its stakeholders.”

Excerpts From Court Decision

IN THE COURT OF APPEAL (CIVIL DIVISION) ON APPEAL FROM THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
COMMERCIAL COURT (KBD)
Mrs Justice Cockerill
Claim No. CL-2020-000092
Royal Courts of Justice
Strand, London, WC2A 2LL

Date: 19 November 2024
Before: LADY JUSTICE ASPLIN, LORD JUSTICE ARNOLD and LORD JUSTICE PHILLIPS

Between: CRF 1 LIMITED Claimant/Respondent - and – BANCO NACIONAL DE CUBA Defendant/Appellant (2) THE REPUBLIC OF CUBA Defendant

Jawdat Khurshid KC and Andrew Pearson (instructed by Rosenblatt) for the Claimant/Respondent (“CRF”)
Alison Macdonald KC, Anton Dudnikov and Mark Belshaw (instructed by PCB Byrne LLP) for the Defendant/Appellant (“BNC”)

Hearing dates: 24 and 25 July 2024
Approved Judgment

This judgment was handed down remotely at 2 pm on Tuesday 19 November 2024 by circulation to the parties or their representatives by e-mail and by release to the National Archives

Conclusion

Mrs Justice Cockerill As I would uphold the Judge’s decision that the debts were validly assigned to CRF, I do not consider that it is necessary to address BNC’s challenge to the Judge’s contingent finding that, if the assignments were not valid, BNC ratified them by its subsequent correspondence. I would dismiss the appeal.
Lord Justice Arnold I agree.
Lady Justice Asplin I also agree.

Link To Court Document In Word Format
Link To CRF Media Release In PDF Format