\t\t\t \t\t\t\t\t \t\t\t\t\t The Argentine Treasury Attorney General\u2019s Office filed a formal request with the Southern District Court of New York to suspend the discovery process ordered by the court as well as the contempt motion filed by Burford Capital in the ongoing trial over the 2012 expropriation of state-owned energy company YPF.<\/p>\n
In a statement sent to Judge Loretta Preska, the government based its request on the fact that Burford is \u201cdoubling down on their requests for increasingly intrusive and irrelevant discovery.\u201d\u00a0<\/p>\n
They added that this is taking place despite the fact that, for the past two years, the country has \u201cproduced anything that could reasonably lead to identification of its executable assets.\u201d\u00a0<\/p>\n
The text went on to say that, despite all this, the plaintiffs continue with their demands because their actual goal is not obtaining asset-related discovery but to \u201cthrow sand in the gears\u201d of economic recovery, \u201charass the Republic into settling, or force Argentina into contempt and inflict corresponding reputational harm.\u201d<\/p>\n
The dispute stems from the legal battle Argentina has been waging against Burford Capital in U.S. courts over the expropriation for more than a decade now.\u00a0<\/p>\n
In 2023, Judge Loretta Preska ruled that the country had breached its contract and ordered it to pay US$16.1 billion, a judgment Argentina\u2019s lawyers have appealed.<\/p>\n
Wednesday\u2019s filing comes on the heels of the Argentine government\u2019s refusal on Tuesday to disclose the location and movements of the Central Bank\u2019s gold reserves. The denial was in response to a request made by Burford that the gold be considered part of the country\u2019s assets and used as partial payment.\u00a0<\/p>\n
Regarding the gold, the Treasury\u2019s statement is in line with the government\u2019s position. In essence, they argue that the gold belongs to the Central Bank, which is a separate entity from the government. The hedge fund, meanwhile, claims that the monetary authority is an \u201calter ego\u201d of the administration.<\/p>\n
Burford has also accused Argentina of \u201cconcealing more than US$1 billion in gold reserves,\u201d but the government\u2019s legal representatives said that is false.<\/p>\n
The Argentine government responded by saying that \u201cnothing has been \u2018concealed\u2019\u201d.\u00a0<\/p>\n
\u201cThe [Central Bank] publishes information about the amount of the gold reserves it holds,\u201d Argentina\u2019s letter said, adding that the country \u201chas repeatedly explained that all gold reserves are the property of and managed by the Central Bank,\u201d which is a \u201clegally separate and distinct\u201d entity from the government.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Argentine Treasury Attorney General\u2019s Office filed a formal request with the Southern District Court of New York to suspend the discovery process ordered by the court as well as the contempt motion filed by Burford Capital in the ongoing trial over the 2012 expropriation of state-owned energy company YPF. In a statement sent to […]<\/p>\n","protected":false},"author":10,"featured_media":30464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[414,42,1913],"tags":[595,96,1911],"class_list":["post-30463","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-economics","category-ypf-expropriation-case","tag-business","tag-economics","tag-ypf-expropriation-case"],"_links":{"self":[{"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/posts\/30463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/comments?post=30463"}],"version-history":[{"count":0,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/posts\/30463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/media\/30464"}],"wp:attachment":[{"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/media?parent=30463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/categories?post=30463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/tags?post=30463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}