Photo: Casa Rosada
This just in from the Bloomberg, Argentina has filed suit against Ghana with the Law of the Sea Tribunal in Hamburg Germany.Foreign Minister Hector Timerman also says the country will seek compensation for the detention of the naval vessel, which was impounded because of a Court order obtained by hedge fund manager Paul Singer’s NML Capital.
More on this as we have it…
Monday Argentina threatened Ghana, saying that if the country did not free Argentina’s naval vessel, the ARA Libertad, by the end of Tuesday, it would file suit against Ghana with the Law of the Sea Tribunal in Hamburg Germany.
Well, it’s Wednesday, and according to El Nuevo Herald, Argentina hasn’t filed anything.
Tribunal spokesperson Anja Ansen also told El Nuevo Herald that the Court would make no comment on the tiff between Ghana and Argentina at this time.
All of this was prompted by hedge fund manager Paul Singer. Argentina owes him $1.3 billion in unpaid bonds from an investment his fund made in Argentine sovereign debt after the country’s 2001 crash — that’s not disputed.
What Argentina believes is up for debate is whether or not they should have to pay him since he didn’t restructure his debt (like others did) in 2005 and 2010.
A U.S. Court disagrees. And so does Singer, who got Ghanaian authorities detain Argentina’s ARA Libertad as collateral for its debt last month.
Argentina’s foreign minister Hector Timerman said that his country would sue to get its boat back on the basis of Article 1 from Annex VII of the UN Convention of the Law of the Sea. Both Argentina and Ghana are signatories of said convention.
But all Article 1 from Annex VII says is:
Subject to the provisions of Part XV, any party to a dispute may submit the dispute to the arbitral procedure provided for in this Annex by written notification addressed to the other party or parties to the dispute. The notification shall be accompanied by a statement of the claim and the grounds on which it is based.
So basically, what El Nuevo Herald reported is that Argentina didn’t even write an angry letter.
Meanwhile, back on the boat, the 44 person crew is being denied water because they refuse to move the boat to a part of Ghana’s Tema port where it won’t block as much traffic. It’s been sitting there since October 2nd.
The crew asked on Monday for water and we told them that if they want water they will have to move to where they have been indicated”, said a spokesperson from Tema port authority which is demanding the frigate moves from a very much demanded docking area of an already congested terminal.
“We told them that if they want our port services they will have to move to pier 6. There are no services for them at pier 11 where they are currently docked”, added the spokesperson.
Argentina says that the 44 person crew cannot move the vessel without “great risk.” That’s why when Ghanaian officials tried to move the boat with cranes last weekend, the sailors aboard drew guns.
At least this isn’t getting out of hand.
Business Insider Emails & Alerts
Site highlights each day to your inbox.