The government of Javier Milei will have to pay approximately 337 million dollars be able to appeal an unfavorable ruling for the manipulation of Indec data during the Kirchner era, during 2007 and 2015.
The bail will be paid in a court in Great Britain and concerns the trial against the country for the manipulation of data on economic growth during Kirchnerism. As reported by Bloomberg and expert Sebastián Maril; “The total penalty amounts to approximately $1.5 billion.”
The plaintiffs are represented by the law firm Quinn Emanuel Urquhart & Sullivan, which has among its partners Dennis Hranitzky, the lawyer who seized the Libertad Frigate in 2012.
This morning Maril wrote on the X network (formerly Twitter): “Argentina announces that it will create the RofA Special Trust 2024 in New York create a guarantee of almost $330 million as a condition of being able to appeal the PBI Coupon ruling in London”
ThroughDecree 277/2024, published this Monday in the Official Journal, The Executive Power has approved the trust contract model called “RofA Special Trust 2024” (in English) or “Special Trust of the Argentine Republic – 2024”; the form of Standby Letter of Credit or “Standby Letter of Credit” to be granted in favor of the Marketable Securities Trustee; and the credit line agreement template.
The Court of Appeal in London ruled that the state must pay this bail before April 5th in a trust account if you wish to continue with the experimentation which is worked out by the method of calculating a series of debt obligations, known as “PBI coupons”.
What does the official decree say?
In the decree published this morning in the Official Journal, the Executive authorized “if appropriate, the extension of jurisdiction in favor of the state and federal courts located in the city of New York – United States of America and the waiver to oppose the defense of the sovereign immunity, exclusively, with respect to extended jurisdiction, in contracts stipulated within the scope of this decree.”
It was also clarified: “The Argentine Republic does not waive any immunity with respect to the execution of sentences resulting from the extension of jurisdictional clauses.also with reference to the goods detailed below:
a) Any property, reserve or account of the CENTRAL BANK OF THE ARGENTINA REPUBLIC;
b) Any property belonging to public property located in the territory of the ARGENTINE REPUBLIC, including those included in articles 234 and 235 of the Civil and Commercial Code of the Nation;
c) any property belonging to the private property of the State, pursuant to article 236 of the Civil and Commercial Code of the Nation;
d) Any assets (in the form of cash, bank deposits, securities, bonds of third parties or any other means of payment) of the ARGENTINE REPUBLIC, its government agencies and other government bodies related to the implementation of the budget, within the scope of articles from 165 to 170 of Law no. 11,672 Permanent supplementary budget (as of 2014);
e) Any property covered by the privileges and immunities of the Vienna Convention on Diplomatic Relations, 1961 and the Vienna Convention on Consular Relations, 1963, including, but not limited to, properties, establishments and accounts of Argentine missions;
f) Any property used by a diplomatic, governmental or consular mission of the ARGENTINE REPUBLIC;
g) Taxes and/or royalties due to the ARGENTINE REPUBLIC and rights of the ARGENTINE REPUBLIC to collect taxes and/or royalties;
h) Any property of a military nature or under the control of a military authority or defense agency of the ARGENTINE REPUBLIC;
i) Any property that is part of the cultural heritage of the ARGENTINE REPUBLIC; AND
j) Property protected by any applicable sovereign immunity law.”
SN
Source: Clarin
