Cuba’s deadbeat dictatorship faces potentially devastating trial in London for some of its massive debt

From our Bureau of Potentially Lethal Reckonings with some assistance from our Bureau of Deadbeat Parasitic Socialist Utopias

Ha! The Royal Courts of Justice in London have convened a face-to-face trial for January 2023 to analyze the claims of some capitalist creditors of the Cuban Government’s debt, a case that could be a devastating blow for Castro, Inc.

The debt in question amounts to $100 million, which is a small fraction of the total $1.5 billion that Castro, Inc. owns CRF, a group of debt holders in Europe.

The trial is only a few weeks away. If Cuba loses this case, the results could be devastating: Castro, Inc.‘s properties could be seized abroad, along with its alphabet-soup shell companies with subsidiaries in various parts of the world, such as GAESA and its various branches. And, perhaps worst of all for them (and best of all for the Cuban people), their bank accounts could be seized too.

Castro, Inc.’s lawyers have been very busy trying to delay or derail the trial, unsuccessfully. Stay tuned. More to follow, for sure. Unfortunately, given Castro, Inc’s track record with debt, it’s highly likely that this potential catastrophe will simply vanish, poof, just as all other moments of reckoning have done in the past. But it will be interesting to see Castro, Inc. sweat a little while it worms its way out of this potentially lethal problem.

This is grossly UNFAIR! Socialist utopias shouldn’t owe anyone anything. It’s their natural right to borrow, borrow, borrow and never pay back. It’s a self-evident truth! Socialist utopias need to be supported by capitalists!

Loosely translated from Diario de Cuba

The defense of the Cuban regime in the oral trial that will begin in January 2023 before the Royal Courts of Justice in London for the claims of the creditors of the Cuban Government’s debt, decided to abandon the argument of Havana regarding the existence of bribes to officials of the Banco Nacional de Cuba (BNC) who would have provided relevant information to the plaintiffs.

In an oral hearing prior to the trial, which DIARIO DE CUBA attended, the representative of the Cuban State in the case maintained, however, that there were non-legal procedures in obtaining the information that led to the claim by CRF I, a group of debt holders from Havana that claims 100 million dollars, and that sued the Republic of Cuba and the BNC for loan agreements between the Government of the Island and the European banks Crédit Lyonnais and L’Istituto Bancario Italiano, in for which the BNC acted as guarantor more than 30 years ago.

The sum claimed is a small fraction of the $1.5bn that CRF I has purchased over the years on behalf of its investors, so the London Commercial Court verdict could extend to those claims as well and be a devastating blow to the regime.

During the exchange on Friday, held virtually, Judge Justice Henshaw, in charge of the case, mentioned that the allegations of the prosecution underlined that the process followed in Cuba against the BNC officials accused of receiving bribes did not have the proper guarantee.

Havana has used the issue of bribery since the process began as one of its central arguments to dismiss the claims of CRF I. Despite this, the case has continued its course and entered the oral trial phase, which will begin on next January 24.

The prosecuting lawyer, Richard Waller, recalled during his speech that his part argued during the process that the bribery case was fabricated by Havana to try to evade his responsibility in the matter.

“If they want to withdraw the allegation of bribery, it must be under the condition that something like this does not happen again,” he said, adding that this accusation was used to “intimidate and harass” a representative of his who traveled to Havana.

Continue reading HERE in Spanish

2 thoughts on “Cuba’s deadbeat dictatorship faces potentially devastating trial in London for some of its massive debt”

  1. This is another sign that Cuba is losing its magic. Cuba has been like one of those dot com companies that shows great potential and has a slick presentation but which never actually shows a profit. Investment money flowed in but it was used to pay salaries and to create more slick promotions. The real work was never done in producing a real product or service. Thus, not a cent of investment loans are ever paid back. Eventually the facade falls off and it is revealed as an empty shell. The stock crashes and the company is dissolved.

    So the reality is finally being revealed. Cuba was never a socialist paradise. It does have the skill nor the desire to actual work and produce. It was all a big scam and everyone was ripped off. European investors will never get their money and the average Cuban worker who toiled for 30 years will never get that promised home.

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