2023-10-11 17:37:00
The Government presented the appeal of the ruling handed down by the New York court, which forces Argentina to pay US$16,000 for the expropriation of YPF, following a presentation by the investment fund Burford Capital.
September 15th, Judge Loretta Preska, of the Southern District of Manhattan, announced the ruling within the framework of the lawsuit filed by that fund for the expropriation that took place in 2012.
The presidential spokesperson, Gabriela Cerruti had advanced the presentation: “The Argentine Government will immediately appeal the ruling of the New York judge. The President analyzed the issue with the Treasury Attorney General. “We will continue to defend energy sovereignty and our state company YPF against vulture funds,” the official said at the time.
Millionaire compensation for YPF: a failed expropriation
Now, the Argentine defense argued in a text that the country “appeals to the United States Court of Appeals for the Second Circuit the final sentence handed down on September 15, 2023, as well as all interlocutory orders and rulings prior to that ruling.” In addition, he warned that the disbursement would generate “irreparable damage to the population suffering from high inflation caused by an unprecedented drought.”
“The country does not have access to the capital market to issue a bond and deposit a guarantee”, he added. The information was provided by lawyer Sebastián Maril, CEO of Latin Advisor and specialist in the trial by YPF, which has been going on for eight years.
Sentence and appeals
Before handing down his sentence, Preska had said in March of this year that the Argentine State wrongfully expropriated the oil company, for which it should compensate the plaintiffs. In September that sentence came, which the judge left firm, but Argentina still has appeals to try to reverse the ruling.
In 2012, the government of former president Cristina Kirchner agreed to pay the Spanish company Repsol – which until then controlled YPF – a total of US$ 5,000 million in bonds for the expropriation of 51% of the oil company.
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