A New York court ordered Argentina to pay up to 18,000 million euros to expropriate the YPG from Repsol.
Judge Loretta Prisca, of the Southern District Court of New York, demanded damages from the Argentine state between 5,000 and 18,000 million euros for the expropriation of 51% of the local oil company YPF from the Spanish Repsol group in 2012.
The government of Christina Kirchner paid Repsol in 2014 an absurd $5,000 million in bond compensation, and although she was not involved in that lawsuit, the ruling is an important moral victory.
The Burford Capital and Eton Park funds, which bought the right to litigate against Argentina and YPF on behalf of the significant shareholders of this company, won the lawsuits because the government of Christina Kirchner did not launch a takeover offer for all the shares when they were expropriated 51%, La Nacion reported today. Argentinian.
“It is a positive ruling for YPF because the judge acknowledges that the company is not responsible and It is not a guarantor of the nation-state. So your assets are out of risk. On the other hand, it is important to stress that not all of the plaintiffs’ requests are being met, “said a spokesperson for this oil company.
Although it appears in the file Petersen as plaintiffThe lawsuit against YPF is being carried out by the English fund Burford Capital, which obtained from the Spanish treasury the right to sue the country and the oil company for 15 million euros and 30% of the compensation resulting from the trial.
Petersen Energía and Petersen Inversora in Spain, where they were founded, went bankrupt Eskenazi family -also the owner of Banco de Santa Cruz-, after claiming that he could not honor the credits he received from a group of European banks. These loans were then used to purchase YPF’s 25% stake and were to be repaid with dividends. The Eskenazi family says the Petersen Group, which operates in the country, is “completely oblivious to the lawsuit,” according to La Nación.
