The Spanish Association of Minority Shareholders of Listed Companies (AEMEC) bring to justice Argentina’s YPF shareholders meeting held yesterday, the first after the expropriation, and all resolutions adopted, including the establishment of the new board of the oil in Argentina.
The minority included in the action under which submitted Argentina and brought to justice by the “confiscation” of the shares of Repsol YPF in a letter to this meeting, as explained that Argentine lawyer Rodolfo Barra, former Minister of Justice in government of Carlos Menem, and now works alongside Cremades & Calvo-Sotelo, in the legal defense of minority shareholders of the Spanish.
Barra has detailed this week will be presented this paper, which in addition to the cancellation of a meeting and arrangements they consider “illegitimate”, calls for the appointment of an inspector or supervisor judicial decisions that can make this new council against the interests of YPF.
Alongside this process of protection, Barra explained that they have requested an audience with the President of Argentina, Cristina Fernandez, before starting an international arbitration, but do not expect to celebrate.
Bar, which has shown its confidence in the justice Argentina finished agreeing with Repsol, stressed that the key to the legal defense of shareholders is not paid anything for the expropriation of 51% of the shares of Repsol YPF, which is completely illegal.
“You can not take something from someone without paying. If done in the streets is a theft. And if he does a government is a taking,” the lawyer stressed.
YPF’s Assembly held in Buenos Aires headquarters, yesterday elected a new board composed of 17 members and eleven alternates and headed by Deputy Economy Minister of Argentina, Axel Kicillof and general manager of the company, Miguel Galuccio.
Repsol shares asserted that preserves the YPF oil company to include a representative on the new board of the company.