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HomeLatest NewsJustice condemns Argentina to pay almost 15,000 million for expropriating YPF

Justice condemns Argentina to pay almost 15,000 million for expropriating YPF

Date: June 17, 2024 Time: 18:57:35

Argentina obliged to pay the Burford Capital fund. The federal judge of the Southern District of New York, Loretta Preska, has today ruled a favor, in her litigation with the Argentine state for the expropriation of YPF, and forces Argentina to pay the largest possible amount, 16,000 million dollars (about 14,940 millions of euros).

The judge specifies in her ruling made public today that “the Republic (Argentina) exercised indirect control over the required number of Repsol shares on April 16, 2021, and consequently triggering that tender.” She added that “previous interest of 8% is appropriate and must be recorded as of May 3, 2012.”

“Finally, the Court declares that Professor Fischel’s calculation of the tender offer is correct and is based on the price/value ratio required in formula D.”

While the accusation claimed 16,000 million dollars (14,522 million euros), Argentina estimated that – based on a previous ruling by the judge – it would have to pay close to 5,000 million, although the Government of the South American country already announced that it planned to appeal. any decision in this regard.

The case dates back eight years and settled the compensation that Argentina should or should not pay to YPF investors, who argue that they were affected when the State expropriated 51% of the oil company’s shares from the Spanish company Repsol and It did not make a public offer for the rest of the securities.

Argentina will appeal the ruling

The Government of Argentina will appeal the adverse ruling it obtained in New York in the litigation for the expropriation of the oil company YPF, which forces it to pay 16,000 million dollars in favor of the Burford Capital fund, as announced this Friday by official sources. “The Argentine Government will immediately appeal the ruling of Judge Loretta Preska,” presidential spokesperson Gabriela Cerruti published on her social networks.

The president of Argentina, Alberto Fernández, who is in India to participate in the G20 Summit, “analyzed the issue with the Treasury Office,” added the spokesperson, who recalled that the Executive will continue to “defend energy sovereignty” and to state company “against vulture funds.”

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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