MercoPress. South Atlantic News Agency
BG Group/Argentina appeal case reaches US Supreme Court
The US Supreme Court on Monday asked for the US government's views on a British Gas Group PLC appeal that seeks to restore a 185 million dollars arbitration award the company won against Argentina in 2007. Read full article
Comments
Disclaimer & comment rules“The arbitral panel based in Washington, awarded BG 185 million dollars after finding that Argentina violated the treaty by failing to provide fair and equitable treatment to investors”
Nov 06th, 2012 - 10:07 pm - Link - Report abuse 0Who would have guessed? Argentina Violating a treaty?
“Failing to provide fair and equitable treatment to investors” and I suppose that the Argentinian's will appeal saying that all of the above was standard working practice..........
Invest in Argentina....you will lose your shirt
Nov 06th, 2012 - 10:59 pm - Link - Report abuse 0Invest in Argentina....you will lose your shirt
Invest in Argentina....you will lose your shirt
Invest in Argentina....you will lose your shirt
Invest in Argentina....you will lose your shirt
Invest in Argentina....you will lose your shirt
and repeat.................ad nauseum
Can't help British Gas should have seen how much money British banks lost in Argentina in the 1980s. I hope they can recover some money but they should have seen it coming. Might be a good idea for them to invest in Falkland hydrocarbons-at least the Falkland Islanders are honest and what you see is what you get.
Nov 06th, 2012 - 11:19 pm - Link - Report abuse 0anybody brave enough to even think about investing in YPF, take note.
Nov 06th, 2012 - 11:27 pm - Link - Report abuse 0it never rains but it pours :)
Nov 07th, 2012 - 02:29 am - Link - Report abuse 0more international shame for argentina please, if its possible.
Argentina - a non-country that the world would be better if it totally disappeared!
Nov 07th, 2012 - 03:26 am - Link - Report abuse 0From 1980 to 1986 I was involved, via one of my businesses with BG at the highest level.
Nov 07th, 2012 - 09:41 am - Link - Report abuse 0Arrogant, dismissive of independent advice that differed from their in-house people, it does not surprise me in the least that this has happened.
Someone close to the directors must have seen this on the horizon but I would bet real money that the term ‘they would not dare’ finished the discussion.
Even if they win, and natural justice dictates that they should, AG will NEVER pay.
7 ChrisR
Nov 07th, 2012 - 12:42 pm - Link - Report abuse 0That must have been even earlier than the days of Sid!
If they can't even pay 20m to get their flagship back, they were never going to pay this even if British Gas won. The moral of the story is invest in Argentina at your peril!
Nov 07th, 2012 - 02:05 pm - Link - Report abuse 0Sounds like the DC Circuit judge is (i) a fracophobe, or (ii) believes that BG is British .. in which case he's an Anglophobe.
Nov 07th, 2012 - 02:41 pm - Link - Report abuse 0On the other hand, perhaps the presented Argentinian case is simply legally better than the BG case.
I guess the US Supreme court will be judging not only Argentina and BG but DC Circuit decision-making as well.
In any case, it's only $185 million; small change out of the Argentinian government's back-pockets.
8 Idlehands
Nov 07th, 2012 - 05:18 pm - Link - Report abuse 0Spot on, it was 1986.
@10 GeoffWard2
But who knows how much AG have in their back-pockets? :o)
An ever increasing number on going court battles, individual corporations, vulture funds, other countries in the WTO.
Nov 07th, 2012 - 07:49 pm - Link - Report abuse 0All needing teams of specialist lawyers (money up front in dollars, no doubt).
The costs for Argentina of all this must be considerable.
War on far too many fronts at once, how sustainable is that?
Hope BG get nothing, its not like any money they do get will go towards lowering scandalous energy prices at home...
Nov 09th, 2012 - 11:31 am - Link - Report abuse 0Hopefully BG will receive the money they are owed, certainly looking good at the moment.
Nov 10th, 2012 - 06:29 am - Link - Report abuse 0Things are certainly looking up for Argentina's creditors, progress at last.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!