Cuban dictatorship sustains huge loss in London debt trial, but proclaims victory

The very scary Justice Sara Cockerill

From our Bureau of Deadbeat Latrine American Totalitarian Hellholes with some assistance from our Bureau of Pyrrhic Victories and Big Lies

Castro, Inc. received a thorough thrashing in the London trial for outstanding unpaid debt, losing on three of four issues, but the Ministry of Truth in Havana is giving this potentially devastating judgement a positive counterspin.

The Ministry’s English-language website “Escambray” boasted of its victory over vulture capitalists: “Cuba on Tuesday won the lawsuit after ruling that the CFR I Limited vulture fund is not a creditor of the Cuban State.”

That statement is patently false. The bottom line is simple: Justice Sara Cockerill ruled that the Cuba Recovery Fund (CRF) can’t sue the Cuban government, but it — and other unpaid lenders — can most certainly sue the National Bank of Cuba.

As anyone with half a brain knows, Castro, Inc. IS the National Bank. This means that CRF can launch a new lawsuit and that the doors of British courts have been opened for other lawsuits too.

So, Castro, Inc.’s day of reckoning still looms on the horizon, and the storm clouds are now darker than they were before this London trial began. Get ready for more drama and more mendacious bluster from Cuba’s military junta.


Cuba will likely face more — and costlier — lawsuits over billions of dollars’ worth of unpaid commercial debts from the 1980s after a decision Tuesday by a UK High Court judge.

The judge ruled mostly in favor of CRF1, originally called the Cuba Recovery Fund. The fund filed suit against Cuba and its previous central bank, Banco Nacional de Cuba, in 2020 for roughly $72 million in principal and past due interest on two loans it now owns.

The loans were granted to Cuba by European commercial banks in the 1980s, when Fidel Castro ruled the Caribbean nation, and were denominated in German Deutschmarks, a currency that no longer exists.

Justice Sara Cockerill, who delivered Tuesday’s decision, oversaw a trial that started in late January and lasted two weeks and was beset by intrigue and chaos outside the UK High Court.  

That trial was about four issues: whether CRF could sue in the UK; whether the debts were properly transferred to the investment fund; whether the central bank could be sued; and whether the Cuban government was a guarantor on the debt and could be sued as well.

The judge ruled in favor of CRF on three of four of the issues. She said the High Court has jurisdiction, the debt was properly assigned to CRF, and that the former central bank is responsible.

Yet she ruled that Cuba itself is not a guarantor of the debt, a win for the communist nation.

David Charters, the CRF1 chair, described Cuba’s win as temporary, and based on a technicality. He said the fund on Tuesday filed once again with ICBC Standard Bank, the debt’s custodian, to have Cuba assigned as the guarantor. He said BNC has 28 days to respond and believes CRF will prevail.

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1 thought on “Cuban dictatorship sustains huge loss in London debt trial, but proclaims victory”

  1. The Castronoids always pull this shit; it’s what they do. As for Cockerill, that 18th century wig is pretty cool.

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