Monday, June 25, 2012

US Supreme Court confirms lift on US$100M embargo against Argentina

The US Supreme Court rejected today an appeal presented by two vulture funds and confirmed a ruling of a New York’s Appeal court revoking a 100 million dollars embargo ordered by US Judge Thomas Griesa on Argentina’s Central Bank funds deposited at the US Federal Reserve Bank in New York.    

Thus, the American Supreme Court confirms its ruling favouring the Argentine Republic on regards the multimillionaire embargo asked in 2005 and ordered by Griesa in 2010 in favour of vulture funds EM Ltd. (a Cayman Islands’ society controlled by Kenneth Dart) and NML Capital Ltd. (also based in the Cayman Islands and controlled by Elliot International L.P.)

Last year, the US government requested a Court of Appeals to reverse the ruling of Judge Thomas Griesa in favour of a vulture fund, which forced Argentina on February 2011 to pay the interest on the debt of bonds exchanges carried out 2005 and 2010, sources said.