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Government will appeal the ruling that forces it to pay US$16,000 million

The Government will present this Thursday before thes New York courts appeal documents Judge Loretta’s ruling Preska that forces the country to pay compensation of US$16,000 million to Burford Capital and Eton Park for the nationalization of the oil company YPF in 2012.

On October 11, Argentina notified the New York justice system of its decision toand appeal the first instance ruling issued in September by Preska, which forces the country to pay compensation of US$16,000 million for the way in which the oil company was nationalized by purchasing 51% of Repsol’s shares without making a Public Acquisition Offer to the other shareholders, as it appeared in the statute defined in 1993 during the privatization promoted during the presidency of Carlos Menem.

Burford Capital had acquired the litigation rights to the minority shareholder of YPF Petersen for 61% of its holdings.

Petersen Energy, of the Eskenazi family, had bought 25.4% of YPF from Repsol between 2008 and 2011.

YPF trial: Argentina’s argument

Argentina’s argument that was maintained during the administrations of Cristina Fernández de Kirchner, Mauricio Macri and Alberto Fernández was that the purchase of Petersen Group shares from Repsol was irregular and that the jurisdiction where the conflict should be resolved is Argentina, since that is where YPF is based.

In December, with the change of government, lto the Attorney General’s Office of the National Treasury requested to postpone the date to file the trial appeal documents, originally scheduled for January 30.

“The new Argentine administration needs to catch up on the issues in the appeal, comment on the opening brief and urge the lawyers. Due to the need for this extension, the Republic cannot fulfill the condition of this Court (to present the documents to appeal) before January 30, 2024“says the letter sent by the Government.

The request was accepted on January 11 and the time to present the documents was extended until today.

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