Javier Milei’s Government Faces Financial Bail and Legal Challenges in UK Court Over Data Manipulation Allegations

By Eleanor Harrison Mar25,2024
Argentina ordered to pay US$337 million for manipulating Indec data under Kirchner administration

Javier Milei’s government is facing a bail of 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 will be paid in a court in Great Britain as part of the trial against the country for manipulating 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 Executive Branch has approved a model trust agreement called “RofA Special Trust 2024,” along with a Standby Letter of Credit to be granted in favor of the Trustee of the Negotiable Securities and a Letter of Credit Facility Agreement model. The London Court of Appeal mandates that Javier Milei’s government must pay this bail before April 5 into a trust account to continue with the trial involving calculating debt bonds known as “PBI coupons.”

The decree also authorizes state and federal courts in New York jurisdiction extension and waiver opposition to sovereign immunity in contracts related to this decree. Immunity is not waived for executing sentences arising from extension jurisdiction clauses concerning specified assets, such as those belonging to Central Bank of Argentina, public domain properties and assets under military control.

Overall, Javier Milei’s government faces significant financial obligations and legal challenges as it navigates through consequences arising from economic data manipulation during Kirchner era while working towards appealing adverse ruling in court.

By Eleanor Harrison

As a content writer at newseasoning.com, I infuse flavor into words, crafting compelling stories that captivate and inform our audience. With a keen eye for detail and a passion for creativity, I strive to create content that not only engages but also inspires. Whether I'm concocting a savory blog post or whipping up a spicy product description, I pour my heart and soul into every piece I write. Join me on this flavorful journey as we explore the tantalizing world of content creation together.

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