The United States Justice Rejected Overturning the Ruling on the Nationalization of Ypf.

The United States Justice rejected on Monday the request of a local NGO that sought to annul the ruling on the nationalization of YPF at the hands of kirchnerismo.

Thus, the ruling that obliges Argentina to pay 16.1 billion dollars to the Burford and Eton Park funds remains firm due to the way the oil company's nationalization was carried out in 2008, driven by the former president and convicted of corruption, Cristina Kirchner, and the current governor of Buenos Aires, Axel Kicillof.

The request had been submitted by the civil organization Republican Action for Argentina (RAFA), which has intervened in various international litigations related to Argentine interests.

The specialist in lawsuits against Argentina in international courts, Sebastián Maril, confirmed the resolution. "Preska rejects RA4ARG's request to annul the YPF ruling," he posted on his X account.

The expropriation

RAFA had submitted documentation to Judge Preska's court about the alleged fraudulent purchase in 2008 of 25% of YPF's shares by Grupo Petersen, owned by the Eskenazi family, with the complicity of the Kirchner couple, who are pointed out as possible frontmen.

The Argentine lawyer Fernando Irazu filed a Rule 60 Motion in the New York court, a legal recourse that allows requesting the annulment of a judgment.

The document included the complaint that Elisa Carrió filed in Comodoro Py in 2006 about the alleged emptying of YPF to cheapen its shares, as well as the extensions made in 2012 and 2023, in which the Kirchners are accused of having agreed with Eskenazi on the acquisition of the oil company's shares.

In 2023, Preska ruled that the Argentine State was responsible for the expropriation of 51% of YPF's shares from the Spanish company Repsol in 2012, without having launched a public acquisition offer for the other minority shareholders of the country's largest oil company.

The Burford and Eton Park funds demanded million-dollar compensations arguing that Argentina should have extended the public purchase offer to all shareholders outside of Repsol.

The Argentine Government defended its position arguing that the YPF nationalization law, approved by Congress in 2012 under the administration of Cristina Kirchner, prevented it from acquiring additional shares.

In its petition, Republican Action for Argentina requested the suspension of the process, the annulment of the ruling, and the opening of a criminal investigation against the plaintiffs and other parties involved, including the former president and the Eskenazi family.

The foundation maintains in its complaint that in 2008 "the Kirchner family forced" Repsol to sell "25% of YPF to the Eskenazi family".

Subsequently, after the 2012 nationalization, the Eskenazis could not afford the payment of the loans used to enter YPF, which led to the collapse of Grupo Petersen's companies in Spain.