From CRF I Limited: “This marks CRF’s fourth consecutive win in the English courts and confirms its legal standing to pursue recovery of sovereign debt claims under English law. The judgment closes the jurisdiction phase of the proceedings and allows CRF to move forward with confidence into the merits phase.”

Link To Supreme Court Ruling

“CRF I Limited Secures UK Supreme Court Victory, Making It 4–0 Against Banco Nacional de Cuba London, 3 April 2025 — CRF I Limited ("CRF") is pleased to announce a significant victory in the UK Supreme Court, which has rejected Banco Nacional de Cuba’s ("BNC") final attempt to challenge CRF’s legal standing. This marks CRF’s fourth consecutive win in the English courts—High Court, High Court (Appeal), Court of Appeal, and now the Supreme Court— solidifying CRF’s position as the rightful owner of the debt and clearing the way for the next phase of the case.

In its 31 March 2025 ruling, the Supreme Court refused BNC’s application for permission to appeal, stating that the case raised no arguable point of law or issue of general public importance. This decision brings an end to BNC’s years-long campaign to block CRF’s claims on jurisdictional grounds and confirms, with finality, that CRF is the legal creditor entitled to pursue the debt. The ruling affirms the validity of CRF’s claims and underscores their enforceability under English law. With this favourable outcome, CRF will now proceed to the merits phase of the trial, where we remain confident of securing a win. The facts are clear: Cuba borrowed these sums and has failed to honour its repayment obligations—a pattern that has been consistent across its dealings.

David Charters, Chairman of CRF, commented: "This marks a decisive and conclusive victory in the jurisdiction phase. The UK’s highest court has now confirmed what we have said from the start: CRF is the rightful creditor, and Cuba has no grounds left to dispute that. We’ve now beaten them at every stage—four times—and we’re not stopping here. Despite our repeated attempts to engage constructively, Cuba has consistently rejected genuine negotiation. We remain steadfastly committed to securing justice for our investors and will now intensify our efforts to enforce this ruling fully."

CRF has made persistent efforts to engage with Cuban authorities in good faith since 2013, seeking a fair and equitable resolution. Despite CRF’s willingness to negotiate, the Cuban side has shown little interest in constructive dialogue. With the jurisdictional questions now settled definitively, CRF will continue to pursue its claims with determination, backed by the full authority of the English courts.”

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