2023-09-09 19:00:00
The chancellor Santiago Cafiero He referred to the opposition’s position after the adverse ruling for Argentina due to the expropriation of YPF. They seek to “obtain an electoral return,” he accused, and confirmed that the Government will appeal the decision of New York judge Loretta Preska.
This Friday, September 8 Argentina was sentenced to pay at least 16,000 million dollars to the Burford fund Therefore, it was considered an improper expropriation of the YPF shares that belonged to the oil company Repsol and the Eskenazi group.
“It is a ruling that benefits a vulture fund, against the sovereignty of a country. The opposition, in order to obtain electoral benefits, thinks that it is a ruling that favors them,” Cafiero questioned in a statement from India where he is with President Alberto Fernández for the G-20 summit.
“We are going to continue being where we have to be, defending the interests of Argentinians, regardless of the elections,” said Cafiero from New Delhi and added cynically: “If the opposition wants to change its campaign manager and make this judge campaign manager, they are within their rights.“
“This is one more attack on the interests of our country. We are a country that always advances on the principles of the rule of law and that has not been violated at any time, which in our opinion is an issue linked to economic interests, that have nothing to do with national interests,” he explained.
The ruling against Argentina
The North American judge chose to choose the economic compensation scheme proposed by the complaint. While Burford Capital demanded that compensation be around US$16 billionthe Argentine State assured that this figure stipulated US$ 5 billion.
Preska noted that “the court considers that the Republic (Argentina) exercised indirect control over the required number of Repsol shares on April 16, 2012, thus triggering its public offering obligations.”
Millionaire compensation for YPF: a failed expropriation
YPF was expropriated in 2012, during the government of Cristina Kirchner and when Axel Kicillof was Secretary of Economic Policy and Development Planning. Judge Preska dedicated a harsh paragraph of her ruling to the current governor of the province of Buenos Aires: “Kicillof blatantly declared that it would be ‘stupid’ to comply with ‘YPF’s own law’ or ‘respect’ its statutes. Subsequently, the Republic enacted legislation that supposedly allowed him to acquire control of YPF without being ‘stupid’ and complying with the statutes,” Preska said.
The judge had already found Argentina responsible for wrongfully expropriating the oil company. Last March, she ruled against Argentina in the same trial initiated by the Burford Capital fund.
After eight years of litigation, the judge determined that the country – and not YPF – had to pay compensation while the plaintiffs were entitled to summary judgment for breach of contract. In that three-day trial, Judge Preska concluded that there was “The bad practice of expropriation” by the Argentine State and for this reason the country had to pay the plaintiff.
Burford Capital is from a law firm that appeared in court with the rights to Petersen Energía, from the Eskenazi family, which had 25% of YPF before its expropriation. Founded in 2009 by former vice president and chief legal officer of Time Warner, Christopher Bogart, the Burford fund financed the claim since the beginning of the litigation, in 2015, and became one of the toughest litigants against Argentina.
Meanwhile, Eton Park entered YPF in 2010 with the purchase of 1.63% of the capital for about US$ 250 million.
RB / Dog
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