Vulture funds are looking for Argentine gold

The US courts have asked Argentina to report the location of the Central Bank's gold reserves, a large part of which are deposited in London. In addition, the vulture funds want information on other Argentine assets.

16 de January de 2025 13:28

In the context of the trial for the expropriation of the oil company YPF, whose main promoter is the vulture fund Burford.

The US justice system has asked Javier Milei 's government to report where the gold from the Central Bank of the Argentine Republic ( BCRA) is, which the monetary authority removed from the reserves in the middle of last year.

The measure was ordered by New York judge Loretta Preska in response to a request from the beneficiaries of the ruling against the country, in an attempt to detect assets of the Argentine State in the framework of the trial for the expropriation of the oil company YPF, whose main promoter is the vulture fund Burford .

As our readers will recall, last July we addressed the request for public information made by the union leader and national deputy, Sergio Palazzo , on the use of gold reserves to incur more debt.

As we reported at that time from Agenda Malvinas , the Minister of Economy, Luis Caputo , sought to rebuild reserves and reserve requirements that had been severely affected by interventions to contain the dollar and that is why he used gold to try to obtain a loan, one of the so-called repo loans, with the aim of rebuilding reserves.

"What the judge did was issue an order requiring Argentina to report where the country's gold is located and how much of it came from the BCRA's reserves ," Sebastián Marill , an expert on the case and CEO of Latam Advisors , told the newspaper Ámbito .

According to estimates, at least 60% of Argentina's gold reserves have been sent to London in recent years . This includes, of course, the six tons sent last year by the Minister of Economy, Luis Caputo .

It is worth noting that the BCRA has around 4.6 billion dollars of its reserves in gold.

The vulture funds involved in the trial for the expropriation of YPF are seeking to find out where the assets of the Argentine Republic are, in order to keep an eye on them in the event of possible seizures.

Marill explained to Ámbito that this is not the only thing the judge is seeking: "Additionally, she asked the Government to provide information on sovereign accounts located in the US, which include those belonging to diplomats, embassies and consulates, as well as bank accounts with companies with which the Government has done some commercial operation."

She also explained that Argentina has six weeks to report this information and that, once it complies with this requirement, the vulture funds will review and inform Judge Preska what they want to seize.

She will decide which assets are seizable and which are not. "Many say that an asset of an embassy or a consulate has diplomatic immunity. That is true, but if it was used for a commercial activity, that benefit is nullified and it is seizable," said Marill .

 

Sources:

Scope

Malvinas Agenda

Infobae

 

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