The Argentine Navy flagship ARA Libertad set sail for Mar
del Plata on Wednesday four days after a UN court ordered its release from the
Tema port in Accra, Ghana, following a 77 day embargo (since 2 October) due to
a claim by vulture fund NML Capital.
The tall ship with all its sails displayed and a huge
Argentine flag left Ghana
on Wednesday
Sailors boarding ARA Libertad, frigate is expected to arrive
in Mar del Plata on January 9th.
A group of 98 Argentine sailors arrived earlier in the day in Ghana
to complete the crew of 44 who remained under the orders of the captain and
will oversee the training frigate’s return. In the midst of the conflict 281
sailors returned to Buenos Aires.
A spokesman of the Ghanaian port authority confirmed that
the ARA Libertad was refuelled prior to its voyage. The navy vessel is expected
to arrive in Mar del Plata on
January 9th, President Cristina Fernández announced on Tuesday. A great
reception is planned for the arrival.
On Saturday, the International Court of the Law of the Sea
ordered Ghana
to release Libertad, which was seized by orders of a court that accepted the
claims of hedge fund NML Capital.
The twenty Justices from the Court of the Law of the Sea in Hamburg,
including a former Ghana
Judge, voted unanimously that war ships are immune to impounds based on the Law
of the Sea and the Vienna
convention.
A Ghanaian delegation including military personnel was at
the port to see the frigate off. Tema Port Authority Lawrence Atumbine said
that earlier on Wednesday the country’s Supreme Court had signed a resolution
which invalidated the commercial court that supported the injunction.
“Now the frigate Libertad has become the symbol of
sovereignty and national dignity against those who want to bully or run over Argentina”,
said President Cristina Fernandez.
NML and other investment funds did not accept the
restructuring of Argentine defaulted bonds in 2005 or 2010 and are demanding
full payment of capital and interest. These funds or ‘vulture funds’ as
Argentines call them are part of the 7% that did not accept Argentine
restructuring terms, while 93% did accept the new bonds.
In the case of ARA Libertad the funds were demanding payment
equivalent to 370 million dollars, capital plus interests.
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