From our Bureau of Potentially Good News with some assistance from our Bureau of Deadbeat Latrine American Hellholes
Ha! This could turn out to be the best news of the new year. Castro, Inc. is being taken to court in London for not paying its debts, and if it loses this case all of its worldwide assets could be seized, including those of its subsidiary shell companies in other nations. Naturally, Castro, Inc. is claiming that it owes NOTHING to its creditors and has NEVER actually owed them anything.
Yes, according to Castro, Inc., the Central Bank of Cuba is not responsible for the loans granted to it several years ago, even though Central Bank has already accepted a debt forgiveness package for those very same loans.
Huh? Say that again, please…. Never mind. Castro logic is from another dimension, maybe Bizarro World
Stay tuned. Unfortunately, no European court is going to allow Castro, Inc. to be crushed. Europeans love Castrogonia, so this English court will probably let the deadbeats weasel out of this tight spot. But the “what if they really lose this case?” suspense is a thrill in itself, much like buying a MegaMillions lottery ticket. You know that disappointment is the most likely result, but it feels good to plunk down some cash for a ticket and keep replaying “what if?” scenarios in your mind. .
Redacted and loosely translated from Diario de Cuba
A little over a week before a trial against the Cuban regime for a million-dollar debt begins in the Commercial Court of the Royal Courts of Justice in London, and which could lead to harsh sanctions against its businesses, the Superintendency of the Central Bank of Cuba (BCC) decided that it was time to warn Cubans of what was coming.
According to experts, if Havana loses this case and does not reach any agreement with the creditor party, the court could give the green light to pursue Cuban assets anywhere in the world.
This means that GAESA tankers could be seized and Cuban companies with subsidiaries in various parts of the world, as well as their bank accounts, could be seized.
In a note published on the official website of the state institution, the BCC reported that the trial against it is “for a debt recovery claim” and that the plaintiff is CRF I Limited, a group of debt holders from Havana, which the BCC insists on describing as a “vulture fund”.
“As is known, the vulture funds buy in the secondary market, at auction prices, the debts issued by countries, to demand the immediate payment of their 100% under threat of legal action,” says the BCC, which avoids mentioning that CRF I took his claim to the London courts after years of trying to negotiate an agreement with Havana, which it chose to ignore.
“In the legal proceedings, it will be decided whether CRF is a creditor of the BNC and Cuba (in the amount of 72 million euros), but we argue that CRF is not a creditor of the BNC or of Cuba and never has been so,” the note continues.
“The object of this procedure is public debt because it was contracted by the BNC before 1997, when it had functions as the Central Bank. Since then, the BNC has no power to act on behalf of the Cuban Government,” the institution defends itself.
What the BNC does not say is that what is claimed by CRF I is a small fraction of the 1.5 billion dollars in claims that this group has bought over the years on behalf of its investors, so the verdict of the Court of London Trade could also extend to those claims.
Whole complicated story HERE in Spanish
The reality is that, as usual, an agreement will be reached which appears to involve gradual and eventual repayment of at least part of the debt, but of course will mean little or nothing. I’m afraid neither the Brits nor the rest of the world will ever play hardball with the deadbeat “revolution.” This game is VERY rigged.