MADRID, 16 (EUROPA PRESS)
The Second Circuit Court of Appeals in New York has suspended the ruling issued on June 30 by a U.S. judge requiring the Argentine government to cede 51 percent of the state-owned oil company YPF to the Burford and Eton Capital funds.
"This decision ensures that the Argentine Republic retains the majority stake held by the National State in the company while the appeal proceeds, constituting a decisive step in the defense of a strategic asset and the interests of all Argentines," reads the statement issued by the Argentine Treasury Attorney General's Office.
They have also reported that this decision only affects the order issued by US Judge Loretta Preska regarding the transfer of the oil company's shares and not the ruling requiring the same two funds €13 billion
Argentina has maintained control since 2012 through its majority stake in YPF's key decisions, including the approval of initiatives and the election of the board of directors. This process took place under the presidency of Cristina Fernández de Kirchner, who has been serving a six-year house arrest sentence in Buenos Aires for corruption since June 17.
For this reason, the two funds claimed that at the time of the expropriation, the State should have made a takeover offer for the entire company, as stipulated in the statute, and not just a portion. Burford Capital had requested control of these shares in April 2024, along with seizures and other measures.
