Cuba Creditor Sues Regime Over Defaulted Castro-Era Debt

Investment firm CRF I Ltd. sued Cuba in a London court in an attempt to force the island’s communist government to repay commercial debt that it defaulted on more than three decades ago, Bloomberg News reported. CRF, which has held Cuban debt for more than a decade, said the claim was filed in U.K. High Court against the government and state-owned Banco Nacional de Cuba. It stems from credits two European banks extended to the Cuban bank in 1982 and 1984, according to a copy of the claim seen by Bloomberg. CRF, which holds the debts in its portfolio, is seeking principal and accrued interest. “The board of CRF have made clear that the legal process now underway will not be halted unless there is a satisfactory prior negotiated settlement with the Cuban government,” CRF said in a statement. Emails to the Cuban central bank and foreign ministry were not immediately returned. Read more

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