The government has denounced a fraud in the sale of YPF shares to the Petersen group

The government claimed that the "purchase" of 25% of the shares of YPF-Repsol by the Petersen Group in 2008 had been carried out "fraudulently" and "unweighted".

The document was presented Monday night before Judge Loretta Preska of New York, confirmed official sources. The administration of Mauricio Macri baderted that the operation was a "zero legality".

The presentation includes the abridged version of a speech of the former Minister of Economy and current pre-judge to the governor of Buenos Aires, Axel Kicillof, in which he states that they do not " would not abide by YPF laws before shareholder claims ", namely: one of the thrusts of judicial debate.

Argentina's lawyers sat before Thursday's hearing in which they will be seen, for the first time, with plaintiffs of the Burford vulture fund. As usual, this fund has bought the "litigation right" of the companies Petersen Energía and Petersen Inversora, created in Spain.

Spokesmen for the Petersen group said the group "had nothing to do with the lawsuit in New York and clarified that the right to litigation" had been sold by a Spanish receiver to Burford.

With regard to the acquisition of shares in 2008, spokesmen of the Argentine company have badured that "the purchase had been approved by the stock market of Spain and by several international organizations".

Although the main litigation is being heard in the United States, federal judge Ariel Lijo, Argentina, expects the result of an expert opinion to decide whether the purchase of Actions in 2008 was illegal in a case initiated by a complaint filed by the MP for Cambio Elisamos.

At the hearing in New York, Burford should seek a "summary judgment", saying that it is "res judicata" and decide on the quantification of damages and amounts to be paid by the court. Argentina.

The Argentine government, meanwhile, will try to initiate proceedings to debate the merits of the conflict and denounce for this reason the "fraudulent" purchase.

A bit of history

The companies of the Petersen Group bought in Repsol in 2008 15% of the shares of the company, then an additional 10% in 2011 for 3,500 million US dollars. But Argentina argues that they did "without paying a dime", since they were allowed to "use future YPF dividends to buy their own shares", according to the filed brief.

In 2012, Cristina Kirchner's government nationalized 51% of YPF held by Repsol.

Two companies in the Petersen Group, controlled by the Eskenazi family, held an additional 25% of YPF.

These two companies went bankrupt in 2015 and the litigation rights against the Argentine state were acquired by the Burford vulture fund for only 15 million US dollars. Now, this fund could multiply its profits by 200, if the American justice gives it to him.

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