Burford welcomes tribunal ruling

Burford welcomes tribunal ruling

Burford Capital has announced a favourable decision in an arbitration matter underlying one of its investments.

24 July 2017 | 09:14am

It said the arbitration concerned a claim by Teinver SA and others against Argentina in connection with Argentina's expropriation of two airlines.

The arbitration tribunal ruled on Friday evening against Argentina, requiring it to pay $324,254,807 in damages plus pre and post-award interest which remained to be computed.

Burford said its entitlement from the award was dependent on a number of other variables which were not yet known precisely but was estimated to be in the range of $140 million and was subject to an ongoing and compounding interest entitlement.

Chief executive Christopher Bogart said: "We are very pleased with this result and are gratified to see justice done for Teinver and its stakeholders.

"Without Burford's capital, it is doubtful that this kind of recovery could have been obtained for the claimants.

"This investment is from our 2010 vintage and proves out what we have said to investors over time: that it is premature to judge any investment vintage until it is entirely complete."

www.prensa.cancilleria.gob.ar es un sitio web oficial del Gobierno Argentino