March 8, 2021

New trial against Argentine oil company YPF starts in New York

The first hearing of the trial of the company Petersen Energía against the Argentine government and the oil company YPF for the nationalization of YPS in 2012 started today in New York.

The lawsuit, filed in 2015 by Petersen Energía Inversora, is now commanded by the investment fund specialized in international litigation Burford Capital, which requires multimillion-dollar compensation for the alleged damage caused by such nationalization.

Argentina argues, on the one hand, that the southern court of Manhattan, where the process has started, has no jurisdiction to judge this process and that, in addition, the actions that the Petersen company had at the time of nationalization were "null legality" ", because they would have been bought fraudulently.

"The plaintiffs can not sue Argentina before this court because, in accordance with Argentine law, disputes arising from the statutes of an Argentine company must be brought to the jurisdiction where the company maintains its fiscal domicile, which in this case is the city of Buenos Aires ", defended the government's lawyers, in a brief filed with Judge Loretta Preska.

The defense also contends that the plaintiffs did not own YPF shares when the expropriation of the shares occurred to the Repsol company, which owned 51% of the companies.

According to his argument, although the nationalization of YPF began in 2012, Respol remained the owner of the securities until an agreement was reached two years later, on May 8, 2014.

Another of the reasons argued by the Argentine government is that the plaintiffs acquired the YPF shares in a fraudulent manner, through "bribery, corruption and / or fraud, which makes the agreement null and void from the first moment and Your purchases of YPF shares are null and void. "

On June 24, the Supreme Court of the United States of America He announced that he would allow the continuation of his course, which the Petersen group had filed with Argentina, after Argentina requested mediation.

. (tagsToTranslate) Start (t) New (t) York (t) oil (t) YPF

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