Judge Preska called for information on the country’s coffers, which the government has contended is ‘confidential’
buenosairesherald.com
By Facundo Iglesia
Buenos Aires Herald
Wednesday, January 15, 2025
New York Federal 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 U.S. District Court for the Southern District 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 the U.S. 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." ...