NML-Capital offers to pay for repatriation of ARA Libertad crew members

In a PR stunt the US fund NML-Capital offered to fly back free of charge all crew members of the Argentine training frigate ARA Libertad retained in Ghana, but reiterated that to release the vessel Argentina must deposit a 20million dollars bail.

Flagship of the Argentine navy with all its ceremonial sails displayed

According to the Buenos Aires media in a letter from the solicitors’ office representing NML Capital in Accra, Bentsi-Enchill, Letsa & Ankomah addressed to Argentina’s legal defence Larry Otoo, it indicates that “our client has no intention of causing inconveniences” to the crew members.

For this reason, “even in the absence of a bail deposit, NML-Capital can, with immediate effect, pay all costs so that sailors and cadets can fly back to their respective countries”, says the letter signed by Ace Anan Ankomah.

The letter with copy to all the main officers from the Ghana government dedicates several paragraphs to try and display good will vis-à-vis Argentina’s international moves to try and release the Navy vessel, an asset belonging to a sovereign nation.

“We must recall that in its 2 October ruling the Honourable Court, aware of the possible consequences of its order, explicitly gave Argentina the chance to liberate the frigate ARA Libertad” says the letter adding that NML Capital “does not oppose the vessel abandoning Ghana as long as your client deposits a bail of 20 million dollars”

The figure is reasonable since “it represents less than 5% of the full claim of our client before the court” in the US together with Dart, the other fund involved in the demand.

“We regret we haven’t received any formal reply yet to our offer. Anyhow we have taking note as it was indicated to the court on 9 October, that your client does not seem willing to deposit a bail”, adds the letter.

However “we still believe there is an opportunity for Argentina to deposit bail in court and obtain the immediate release of the vessel”. Apparently the solicitors in Ghana who were contracted by Argentina’s New York legal office Cleary, Gottieb, Steen & Hamilton, had not replied to the NML letter.