• Wed. May 29th, 2024

Argentine Government Faces US$337 Million Payment in Data Manipulation Case

BySamantha Nguyen

Mar 25, 2024
During the Kirchner era, Argentina must compensate US$337 million for manipulating Indec data.

The Javier Milei government is facing a US$337 million payment to appeal an adverse ruling related to data manipulation during the Kirchner era from 2007 to 2015. The payment must be made in a Great Britain court as part of a trial against the country for falsifying economic growth data during Kirchnerism. The total amount of the sentence is approximately US$1.5 billion, according to Bloomberg and expert Sebastián Maril.

The plaintiffs in the case are represented by Quinn Emanuel Urquhart & Sullivan, with Dennis Hranitzky, the lawyer who seized the Frigate Libertad in 2012, among its partners. In response, the Argentine government has created the RofA Special Trust 2024 in New York to provide a guarantee of nearly US$330 million as a condition to appeal the ruling on PBI Coupons in London.

The Executive Branch recently approved decree 277/2024, which authorizes the creation of the RofA Special Trust 2024 and issues a Standby Letter of Credit in favor of the Trustee of Negotiable Securities. The London Court of Appeal has set a deadline of April 5 for Argentina to pay bail in a trust account if they wish to continue with the trial related to PBI Coupons.

The decree also grants extension of jurisdiction to state and federal courts in New York and waives defense of sovereign immunity in contracts related to it. However, it clarifies that Argentina does not waive immunity with respect to executing sentences arising from extended jurisdiction clauses. Various assets are specified that are protected by sovereign immunity laws and cannot be used for payment.

Online discussion and speculation have been sparked by this case, with various sources providing insights and analysis on its implications and what actions are being taken by Argentina’s government in response.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

Leave a Reply