An oral opinion of the Eagle v. Cuba UK Fund will be presented

The plaintiff will appear before the High Court of England and Wales, based in this city in the United Kingdom, claiming to be in possession of two financial instruments of the Cuban public debt contracted in 1984.

In this regard, BNC and Al Jazeera asserted that the Claimant Entity, established in the Cayman Islands, was not its creditor and was not at this time.

The Cuban authorities pointed out that during the 1970s and 1980s the country borrowed from sovereign states and from commercial lenders, and that the then Central Bank, in the exercise of its functions, signed the two financial instruments in 1984.

In both cases, BNC steps in as a borrower, while the lenders are Credit Lyonnais Bank Nederland NV and the Italian Banking Institute, the Antilles specialists note.

The relevant financial authorities have warned that the contracts signed by BNC have been modified to fit Cuban law and international standards for this type of business.

The experts stressed that it was agreed, among other aspects, that if the lenders intend to waive their rights as creditors of these public debts, they must notify the BNC and Cuba and obtain their consent.

In the same way, the Antilles financial authorities have confirmed that without the consent of the BNC and the country, said allotment is not legally valid.

The London action is a declaration of jurisdiction, Cuban decision-makers said, in which the court will decide whether CRF is a legitimate creditor of the BNC and Cuba, and whether or not said court has jurisdiction to hear the lawsuit.

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In this sense, they asserted that whatever the court’s decision may be, the financial affairs of the Federal National Council and the nation are not involved in this decision.

The Caribbean country authorities detailed that CRF is an eagle fund, and indicated that these entities are dedicated to buying the debt of a particular country at low cost through any mechanism, even through illegal business.

The financiers stressed that the CRF had suggested to a BNC official to violate the procedures regulated by Cuban law to agree to the assignment of a public debt, a procedure for which the worker was penalized.

The alleged concession document, issued by this official, did not comply with the legal requirements set forth in both the agreements subject to English law and the internal regulations of Cuban national law and Cuban law, and for this reason it is considered void, the Cuban authorities have warned.

Likewise, the Antilles representatives affirmed that both the BNC and the country have never neglected the debts contracted for, as long as they are valid, legal, enforceable, enforceable and binding.

tiger / yag

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