Arias, Fábrega & Fábrega obtained a favorable ruling from the Supreme Court of Justice of the Republic of Panama whereby it was determined that Banco de la Nación Argentina, as an independent juridical entity, could not be held liable for obligations of the Argentinean State.

In this case, a company had obtained a judicial attachment of assets of Banco de la Nación Argentina for an amount of US$32 million, with the purpose of obtaining the enforcement of a judgment entered against the Argentinean State in the year 1998. ARIFA filed a series of extraordinary constitutional actions on behalf of Banco de la Nación Argentina, alleging, among other things, that such attachment was a violation of the due process of law guarantee contained in the Constitution.

This case clearly establishes that our judicial system does recognize the juridical separation of autonomous state entities, which cannot be held liable for obligations of the State of which they are part of.

By virtue of the decision rendered by the Supreme Court, the assets of  Banco de la Nación Argentina subject to the attachment are to be released.