• Thu. Jun 13th, 2024

Argentina Faces US$1.5 Billion Fine in UK for Economic Data Manipulation During Kirchner Era

BySamantha Johnson

Mar 25, 2024
Argentina ordered to pay US$337 million for manipulating Indec data under Kirchner administration

The Government of Javier Milei will need to pay approximately US$337 million to appeal an adverse ruling related to the manipulation of Indec data during the Kirchner era from 2007 to 2015. This bail will be paid in a court in Great Britain as part of the trial against the country for the manipulation of economic growth data during Kirchnerism, with a total sentence of about US$1.5 billion, as reported by Bloomberg and expert Sebastián Maril.

The plaintiffs are represented by the law firm Quinn Emanuel Urquhart & Sullivan, which includes Dennis Hranitzky, the lawyer who seized the Frigate Libertad in 2012. According to Maril, Argentina has announced the creation of the RofA Special Trust 2024 in New York to provide a guarantee of nearly US$330 million as a condition for appealing the PBI Coupon ruling in London.

The decree also authorizes the extension of jurisdiction in favor of state and federal courts in New York, along with a waiver of opposing the defense of sovereign immunity in contracts related to the decree. Immunity is not waived for the execution of sentences arising from the extension of jurisdiction clauses concerning specified assets, including those belonging to the Central Bank of Argentina, public domain properties, and assets under military control. Overall, this financial obligation poses significant challenges for Milei’s government and may require them to explore alternative funding sources or renegotiate terms with legal experts.

By Samantha Johnson

As a dedicated content writer at newsanguinely.com, I weave words into compelling stories that captivate and inform our readers. With a passion for storytelling and a keen eye for detail, I craft engaging articles that shed light on the latest news and trends. When I'm not typing away at my keyboard, you can find me exploring new ideas, researching diverse topics, and striving to deliver content that resonates with our audience. Join me on this journey as we uncover the stories that matter most.

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