Argentina Challenges USD16B U.S. Court Ruling Over YPF Takeover
(MENAFN) The Argentine government has formally challenged a recent decision by a U.S. court that compels it to relinquish a 51% controlling stake in the state-owned oil company Yacimientos Petroliferos Fiscales (YPF) to international investment firms.
The order, delivered on June 30 by Judge Loretta Preska of the U.S. District Court in New York, instructed Argentina to transfer the majority stake to Burford Capital and Eton Park Capital within 14 days. The two firms are seeking roughly $16 billion in damages, citing alleged procedural violations tied to YPF's 2012 nationalization.
Reacting swiftly on the platform X, Argentine President Javier Milei stated the government would "appeal in all appropriate instances to defend national interests."
Earlier this month, presidential spokesperson Manuel Adorni disclosed that the government had already petitioned the court to halt the enforcement of the ruling. He criticized Judge Preska’s judgment as "legally unenforceable."
The dispute stems from Argentina’s 2012 decision to nationalize YPF, which at the time was primarily owned by Spanish energy giant Repsol. The investment groups acquired rights to legal actions initiated by YPF’s minority shareholders, arguing that the takeover violated shareholder protections.
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