An Argentine navy ship was given a triumphant homecoming three months after it had been seized in Ghana on behalf of a hedge fund suing over defaulted government bonds.
The ARA Libertad, a tall sailing ship used as a training vessel, was detained in the West African nation on October 2 due to a court order obtained by NML Capital Ltd as it fights to get full repayment for the bonds in the courts.
Argentina’s government, which calls funds like NML “vultures”, asked a UN maritime court to intervene and the Hamburg-based tribunal ordered the ship’s release last month.
In order to avoid the risk of having the presidential plane seized by holdout creditors, Fernandez has hired a private aircraft for a four-nation tour of Asia and the Middle East at a cost of $880,000, the government said this week.
Will that be cash or charge?