USA leaves firm judgment against Argentina for expropriation of YPF

The Court of Appeals of the Second Circuit of New York, in charge of Loretta Preska, has signed a first instance judgment on a one million dollar lawsuit against YPF and the Argentine State as a result of the expropriation of the oil company in 2012.

In so far as it was considered that Argentina violated the conditions of the expropriation of the company. The case was opened by the Burford fund after buying the rights to plead in Spanish courts, as part of the bankruptcy process of the companies Petersen Energía and Petersen Inversor.

After the second-instance decision against YPF and the Argentine state, sources from the national government announced that it would be appealed.

"It's a process and we have to follow the steps and, of course, follow them." I mean that this has been appealed and that it is not the end (of the cause), a rejection, let alone: resources remain in Preska, the US House and Supreme Courtadded the source.

The decision of the US Court of Appeals was taken in the context of a pending decision of the Supreme Court of that country on the jurisdiction in which the proceedings should be conducted, at the request of the United States Supreme Court. l & # 39; Argentina.

In this way, the highest court decides this question, In January, he asked the government of President Donald Trump for his opinion on the issue.

"Yesterday, the Court of Appeal decided that the sentence would be final without waiting for the largest court," said the specialist and director of FinGuru, Sebastián Maril.

Similarly, Maril said that "yesterday, Argentina filed an urgent motion in the Court of Appeals asking it to reconsider her sentence." Most likely, the Court does not allow no place to a court and goes to the court of Preska, who will tell them that they have to sit down and negotiate how much he has to pay the plaintiffs. "

After the request of the Spanish company Petersen in court, once commissioned by Thomas Griesa, to expropriate YPF under the government of Cristina Fernández de Kirchner, Preska felt that "YPF violated the laws of the determined prospect when privatizing the oil company, so is guilty in this case."

"The case was presented in 2015. These are two Spanish companies that held 25% of the shares when they were nationalized." In the privatization prospectus, it was established that, should a change of ownership occur, the majority shareholder should give it to him. the opportunity for minority shareholders to buy the shares, but in the previous government they decided not to do it, "said Maril.

"On the contrary, They said that they were going to expropriate only 51% in the hands of Repsol. This violates international laws, so Petersen lost a lot of money and failed two loans worth $ 3 billion that the company received, "he added.

According to the specialist's personal calculations, the value that Argentina should pay raises to "$ 1,750 million, plus interest"

Discover the latest news in the digital economy, startups, fintech, business innovation and blockchain. CLICK HERE