Argentina has decided not to engage in negotiations with Burford Capital, the firm spearheading the collection of a US$16-billion judgment against the South American country, as stated by a spokesman for President Javier Milei during a press briefing on Friday.
The spokesperson, Manuel Adorni, refuted claims that the government engaged in any clandestine discussions. “Argentina will not negotiate with the plaintiffs and categorically denies any malicious discussion of parallel meetings or secret agreements,” he stated. Adorni’s comments follow a recent ruling by US District Judge Loretta Preska in New York, which mandated Argentina to transfer its 51 percent interest in the oil company to partially fulfill the judgment. Preska is the judge who, in 2023, awarded US$16 billion to YPF shareholders expropriated by the Argentine government in 2012.
Milei’s administration is contesting both the initial ruling and Preska’s June 30 transfer directive. Numerous legal analysts have indicated that the latest directive is expected to exert pressure on Argentina to achieve a resolution. Burford refrained from providing any commentary on Friday. The company’s shares have experienced a notable increase in recent weeks, driven by these expectations. The litigation funding firm’s valuation remained relatively stable around noon on Friday.
The government’s registrar of visitors recently revealed that two Burford negotiators engaged with Milei’s cabinet chief in October; however, the government indicated that discussions did not progress further. Adorni’s remarks follow the submission of a court filing by the Trump administration, which expressed support for Argentina in the federal appeals court located in New York. The US Justice Department stated that permitting the YPF handover order to be enacted would infringe upon the legal safeguards of sovereign immunity.
On Thursday, Argentina initiated a restructuring of the Treasury prosecutor’s office, which is managing the case on its behalf. The decision follows reports from local media regarding potential information leaks in the trial concerning YPF. Adorni refuted on Friday any connection between the restructuring and the alleged leaks.