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Source: AFP
A national justice successful New York ordered Argentina connected Monday to merchantability its bulk involvement successful lipid steadfast YPF, the latest stroke to Buenos Aires successful a decade-long planetary ineligible saga.
Argentine President Javier Milei, who is connected a run to stabilize his country's struggling economy, promptly vowed to appeal.
The lawsuit revolves astir the 2012 renationalization of YPF from the power of Spanish elephantine Repsol.
Two number shareholders, Petersen Energia and Eton Park Capital, filed suit successful 2015 seeking damages for allegedly not receiving due compensation successful the sale.
US District Judge Loretta Preska ruled successful favour of the plaintiffs, and successful September 2023 ordered Argentina to wage implicit $16 cardinal to the firms.
To partially fulfill the outstanding sum, Preska connected Monday ordered Argentina to transfer its 51 percent involvement of YPF to an intermediary, with instructions that the shares past beryllium handed implicit to the plaintiffs.
"We volition entreaty this determination successful each due courts to support nationalist interests," Milei posted connected X soon aft the judgement was published.
He pointed the digit astatine Axel Kicillof, who was the South American country's system curate successful 2012 nether then-president Cristina Kirchner and considered a imaginable 2027 statesmanlike candidate.
YPF, a century-old and iconic Argentine institution with much than 22,000 employees, was privatized successful the 1990s and gradually came nether the power of Repsol.
It was renationalized successful 2012 nether Kirchner, which astatine the clip raised questions astir the information of investments successful South America's third-largest economy.
In 2014, aft months of dispute, Repsol reached an statement with Argentina for compensation of astir $5 billion.
The Petersen Group and Eton Park Capital -- which unneurotic held 25.4 percent of YPF's superior -- filed suit successful 2015, alleging that the state had not submitted a takeover bid arsenic provided by law.
Preska has ordered Argentina to wage $7.5 cardinal successful damages and $6.85 cardinal successful involvement to Petersen Energia.
She besides ordered Argentina to wage astir $1.7 billion, betwixt damages and interest, to Eton Park Capital.
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Source: AFP
