YPF News25 Jul 2024 12:21
The Argentine press reports.
July 25, 2024
The plaintiffs seek to reinstate YPF in the multimillion-dollar litigation for expropriation of the oil company. The United States justice system had determined that the Argentine State should pay a sentence of US$ 16 billion, initially exempting YPF from liability. However, this week the plaintiffs presented a document answering the defenses of the oil company.
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The document maintains that Judge Loretta Preska "correctly found the State guilty for this negligence, but incorrectly disbarred YPF from any responsibility." This argument puts at the center of the dispute the question of whether YPF should be held responsible together with the Argentine State for the damages claimed.
The plaintiffs substantiate their position by pointing out the "intentional negligence of the Argentine government," citing the speech of the then Minister of Economy, Axel Kicillof, of April 17, 2012. On that occasion, Kicillof stated that it was "a bear trap" to think that the state should launch a Public Acquisition Offer (OPA) to acquire all the shares of YPF, as established by the company's statute.
Additionally, the plaintiffs pointed out that both Argentina and YPF had to comply with the contractual obligations and promises made in YPF's Initial Public Offering on Wall Street, regulated by the SEC. "YPF failed to comply with its promises to investors and violated its own statute by not forcing its new majority owner to launch a takeover bid," they said in their presentation.
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The document ends by reiterating that when the fears of a nationalization of YPF were confirmed, both Argentina and the oil company abandoned their obligations to respect the statutes and the promises made to investors. The plaintiffs seek justice to rectify their decision and also hold YPF responsible for the damages caused.
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