
Sunday, January 19, 2025 12:31:14 AM
Judge Preska called for information on the country’s coffers, which the government has contended is ‘confidential’
JANUARY 15, 2025
New York Judge Loretta Preska has ordered Argentina to hand over information on the Central Bank’s gold reserves per a request filed by hedge fund Burford Capital in October. The discovery order is the latest in the saga of a US$16.1 billion lawsuit it won against the country in 2023 for the expropriation of energy company YPF.
Argentina’s assets are being probed for potential seizure by the Southern District Court of New York to partly pay for the lawsuit. In a letter to Judge Preska, Burford quoted newspaper articles from last July reporting that Economy Minister Luis Caputo confirmed that the Central Bank had moved some of its gold overseas, which certain media outlets claimed would be used for a repo. The government did not provide further information on the matter.
Last week, Argentina wrote a letter to Preska arguing that the Central Bank and the Republic are legally separate entities, meaning that the gold reserves do not belong to the government and their details are confidential. The country, represented by the Sullivan & Cromwell law firm, also said that the Central Bank’s reserves “enjoy special protection from execution under [United States’ Foreign Sovereign Immunities Act] and UK law.”
In her order, Preska countered that “regardless of whether the gold reserves are held by [the Central Bank], the Republic shall produce its own documents concerning the reserves.”
The judge further demanded information on government accounts held in the country and overseas, as well as evidence from a separate lawsuit in order to “trace the Republic’s assets.”
On the one hand, Preska argued that Argentina should hand over SWIFT data on its accounts overseas instead of the account summaries it has already provided. She described them as “inadequate substitutes, given they do not identify the counterparty’s specific banking institutions making or receiving payments.”
On the other, the judge called for documents produced in the lawsuit the Bahamas-based Bainbridge Fund won against Argentina in 2023 for US$95 million of debt securities defaulted in 2001. Preska said the evidence could “lead to other executable assets.”
Argentina argued that the data would not lead to assets it could hand over in this case, but Preska argued that Burford was “entitled to request the information” regardless.
“The Republic does not get to just assert that such information ‘could not possibly lead to executable assets,’” Preska wrote. “The Court notes that it has likely taken more time and money to argue about producing these documents than to make the production.”
A spokesperson for the Treasury’s Prosecution Office declined to comment on the defense’s next steps.
https://buenosairesherald.com/economics/ypf-case-argentina-ordered-to-reveal-location-of-central-bank-gold
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