Argentina appealed the sentence applied to the country by a court of NY that forces the country to pay US$16,000 million at the bottom of Burford Capital investment by expropriation of YPF.
This is the sentence handed down by the judge Loretta Preska, of the southern district of Manhattan on September 15, within the framework of the lawsuit filed by that fund for the expropriation of YPF, which took place in 2012.
The appeal had been advanced as soon as the ruling was known by the presidential spokesperson, Gabriela Cerruti: “The Argentine Government will immediately appeal the ruling of Judge Loretta Preska. The President analyzed the issue with the Treasury Procurement. “We will continue to defend energy sovereignty and our state company YPF against vulture funds.”
Now, the Argentine defense maintained in a text that the country “appeals to the United States Court of Appeals for the Second Circuit the final ruling issued on September 15, 2023, as well as all interlocutory orders and rulings prior to that ruling.”
What is the impact for the Argentine State
Furthermore, he warned that the disbursement would generate “irreparable damage to the population which suffers from high inflation caused by an unprecedented drought.
“The country does not have access to capital market to issue a bond and deposit a guarantee,” he added.
The information was provided by the lawyer Sebastián Maril, CEO of Latin Advisor and a specialist in the YPF trial, which has been going on for eight years.
Before handing down his sentence, Preska had said in March of this year that the Argentine state badly expropriated the oil companyfor which he had to compensate the plaintiffs.
In September the sentence arrived, 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.
Source: Ambito
