After the judge’s conviction of the Argentina, for which the country will have to pay US$16 billion for the expropriation, the law firm Burford Capital, the lead plaintiff in the case, He asked that the shares that the Argentine State owns in the oil company be handed over.
In response to this, the US Government appeared in the case with a note dated Monday, September 9, in which it states that “is actively considering filing a Statement of Interest with respect to the pending motion for an injunction and transfer”.
The writing indicates that the Attorney General of the United States this authorized “to send any official of the Department of Justice to ‘serve the interests of the United States “in a pending suit in a court of the United States, or in a court of a State, or to serve any other interest of the United States.”
According to the note, the process will involve “coordination between interested government agencies” and the approval of the United States Department of Justice through the Principal Deputy Attorney General for the Civil Division.
The US government requested to postpone the ruling on the delivery of YPF shares to Burford
Because of the time it will take, the Justice Department said hope to be in a position to inform the Court of its possible involvement in this matter “no later than 6 November 2024”that is, one day after the presidential elections.
For this reason, the Government of USA requested “that The Court reserves the decision on the pending motion for precautionary measures and delivery“until officials from each agency have had the opportunity to submit their declaration of interest.
The specialist Sebastian Maril He announced on his social media what can be expected from the statement. “The United States is likely to recommend that Judge Preska refrain from ordering the transfer of YPF shares to the beneficiaries of the judgment, taking into account the relationship between two allied nations,” he said.
“However, I also believe that The United States fully understands that a friendly sovereign nation (Argentina) violated local capital market laws. For this reason, I would not be surprised if they also suggest that Judge Loretta Preska appoint a special mediator to help both parties resolve the dispute,” added the Latam Advisor.
For the lawyer Sebastián Soler, who is closely following the case being processed in the US, also gave his opinion on the matter. In this regard, he described the plaintiffs’ request to hand over YPF shares in exchange for the debt as “a request as serious as it is unprecedented”which is why he said that “it is not surprising that the State Department today asked Preska to defer ruling until it receives his opinion.”
He then explained the implications of the note sent by the Department of Justice. “The State Department advises Judge Preska that is “actively considering” whether to give a formal opinion In both cases, the request for delivery of YPF shares is being discussed, an analysis that is expected to be concluded on November 6. Preska should not resolve the issue before then,” he said.
Judge Preska condemned Argentina to pay US$16 billion for the way in which the expropriation of the company was carried out in 2012 at the time of Cristina Fernandez of Kirchner as president and Axel Kicillof as Minister of Economy. In the context of this case, in recent days, Preska He had also ordered to deliver emails, WhatsApps and other communications from officials to determine responsibilities.
Source: Ambito
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