Cuba will likely face more suits over billions of dollars' worth of unpaid commercial debts from the 1980s after a decision by a UK High Court judge.
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.
Lawyers for CRF said the fund can now proceed to a trial to determine whether it can recover "the sovereign debt that in unequivocally owns.This trial was seen as a test case. CRF owns more than $1 billion in face value of Cuba's defaulted debt. If CRF were to win on this small slice of Cuba's total outstanding commercial debt, estimated at $7 billion, it could lead to lawsuits from CRF other debt holders.
If Cuba is ever to reenter the international capital markets, it will have to settle many outstanding debts.
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