The United States Justice suspended the decision of a New York Court that had ordered the delivery of the majority of the Argentine oil company YPF to private investment funds, and accepted the participation of the United States Department of Justice to support the Argentine government in the case.
The Court of Appeals of the Second Circuit of New York decided to suspend the delivery order of 51% of the YPF shares arranged by Judge Loretta Presska, in addition to authorizing the participation as Amicus of the Department of Justice of the United States, which he had already defended, from the new Government of Donald Trump, the Argentine position.
According to sources from the Argentine government, the decision of the Court of Appeals is limited to the suspension of the delivery order issued on June 30, while the corresponding appeal is processed.
The judicial decision does not affect the course of the Fund Appeal against the Judgment issued in September 2023 – three months before the start of Javier Milei’s management – which condemns Argentina to pay 16 billion dollars plus interest.
In 2015, after buying litigation rights to the Argentine group Petersen -YPF minority shareholder, Burford Capital and Eton Park sued in New York courts to the Argentine State for the nationalization of the oil company in 2012.
In 2023, Preska failed in his favor and condemned the Argentine State to pay them 16.1 billion dollars.
On June 30, the judge ordered Argentina to yield to the litigating firms its 51% participation in the oil company, but the South American country appealed the measure before the Appeals Chamber of the Second Circuit of New York, a court that issued a temporary administrative suspension of the Presska Order.
Find out: Lula says he does not admit that Trump tells so many lies about Brazil
While the case is in appeal, Presska has advanced in the ‘Discovery’ measures aimed at identifying Argentine assets with which to eventually execute the payment of the sentence to the plaintiffs.
YPF, controlled by the Argentine State and whose actions are quoted in the stock markets of Buenos Aires and New York, is the largest hydrocarbon producer in Argentina.
The company produces 40% of oil and 30% of the country’s gas, has three refineries (50% of the refining capacity of Argentina), a wide network of gas stations, participation in pipelines, the distribution of gas and the generation of renewable energy.
The oil company leads the development of the enormous formation of unconventional hydrocarbons of Muerta Vaca and is immersed in multimillionaires projects in society with other companies to export Petroleum and Liquefied gas by maritime and gas.
YPF has assets for 29,714 million dollars and a net assets for 11,908 million, according to the company’s latest quarterly balance.
With EFE information.
Follow the information about the world in our international section
