Milei's government reported that the USD 16.1 billion ruling is arbitrary and violates Argentine law
Compartir:
The Government of Javier Milei defended its appeal on Wednesday in the YPF case before the United States Court of Appeals for the Second Circuit, where it challenged the ruling that requires the country to pay USD 16.1 billion.
The Office of the Treasury Attorney General (PTN) described the ruling issued in September 2023 as "arbitrary" and stated that it violates Argentine law, since it is based on a "misinterpretation and legal fictions with serious consequences".
During the oral argument hearing, the lawyers representing Argentina insisted that the litigation should not proceed in U.S. courts, given that the issues in dispute are governed by Argentine law and occurred outside the United States.
El comunicado del Procuración del Tesoro de la Nación.
According to the official statement from the PTN, the case "doesn't belong to the jurisdiction of the U.S." and constitutes an example of the improper use of its judicial system by private interests for speculative purposes.
The original claim was brought by Burford Capital, a British fund specializing in the purchase of litigation, which acquired the rights to the case for just 15 million euros and is now seeking to obtain an estimated profit of more than USD 18 billion. Argentina reported that Burford seeks to take advantage of the U.S. judicial system to obtain a disproportionate financial gain from a dispute "governed by Argentine law".
The Office of the Treasury Attorney General maintained that the plaintiffs, who acquired their YPF shares in private transactions with Repsol in Spain, "participated in the asset stripping of the company through disproportionate dividends" and then "evaded Argentine justice to litigate in foreign courts".
El comunicado del Procuración del Tesoro de la Nación.
In addition, the official statement linked the origin of the conflict to "the modus operandi of Cristina Fernández de Kirchner's presidency", noting that during that period "business groups protected by political power enriched themselves without risk and went bankrupt without being held accountable".
The Government of Javier Milei emphasized that Argentina's legal defense responds to a comprehensive strategy aimed at protecting national interests and restoring the country's international prestige. "Following the guidelines of President Javier Milei, the Office of the Treasury Attorney General is carrying out a strategy that has restored prestige and credibility to the legal representation of the Republic of Argentina", the statement stressed.
Finally, the PTN highlighted that Argentina's position received support from several states and international organizations, which valued the seriousness and consistency of the arguments presented before the U.S. judiciary.
