The government appeals the $16 billion ruling in the YPF trial

This Thursday, the National Government will present before the courts of New York the appeal documents of the ruling of Judge Loretta Preska that forces the country to pay compensation of US$ 16,000 million to Burford Capital and Eton Park for the process of nationalization of YPF in 2012. which obliges the country to pay compensation of US$16,000 million for the way in which the oil company was nationalized by buying 51% of Repsol’s shares without making a Public Takeover Offer (OPA) to the other shareholders, as established in the statute defined in 1993 during the privatization promoted in the presidency of Carlos Menem. the Burford Capital fund had acquired litigation rights from the minority shareholder of the Argentine oil company, the Petersen Group, for 61% of its holdings. Meanwhile, Petersen Energía, owned by the Eskenazi family, had bought 25.4% of YPF from Repsol between 2008 and 2011.Argentina maintained a defense argument during the administrations of Cristina Fernández de Kirchner, Mauricio Macri and Alberto Fernández: that the purchase of shares of the Petersen Group from Repsol was irregular and that the jurisdiction where the conflict should be resolved is Argentina. that’s where YPF is based. In December, with the change of government, the Attorney General’s Office requested to postpone the date for filing the appeal documents for the trial, originally scheduled for January 30. The new Argentine administration needs to get up to speed 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 file the documents for appeal) before January 30, 2024,” states the brief sent by the Gobierno.De this way, the request was accepted on January 11 and the time to submit the documents was extended until today.

Original source in Spanish