A New York judge ordered Argentina on Tuesday to deliver information and the communications content of officials and former government officials related to a millionaire litigation for the nationalization of the Argentine oil company YPF in 2012, official sources reported.
The Superior Judge of the Southern District of New York Loretta Preska ordered a hearing on Tuesday with the representatives of Argentina and the plaintiffs – the English firm Burford Capital and the American Eton Park – to discuss measures of ‘discovery’ (presentation of documentation aimed at executing a sentence).
According to official sources from Argentina, the judge ordered the South American country “to produce internal communications related to YPF and the Central Bank” Argentine and Deliver “Communications from devices and personal accounts of officials and former government” Argentines.
“The measure of ‘Discovery’ ordered Tuesday by the New York Court violates the laws of the United States and Argentina, violates Argentine sovereignty And he will not lead to the finding of executable assets of the Republic, “said the Treasury Procurement, the lawyers of the Argentine State.
According to Sebastián Maril, director of the firm Latam Advisors, who closely follows the case, Presska ordered Argentina to deliver the content of communications by WhatsApp and email of, Among others, former Argentine Economy Sergio Massa (2022-2023) and the current head of that portfolio, Luis Caputo.
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 16,100 million 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.
Yes ok The case is in appeal, Presska advances in the ‘Discovery’ measures aimed at identifying Argentine assets with which to eventually execute the payment of the sentence to the plaintiffs.
From the Treasury procurement they pointed out that “Argentina is evaluating the options available to appeal this unprecedented ‘discovery’ order and continue to exercise its right of legitimate defense.”
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 latest quarterly balance of the company
