Argentina's President Is Taking Precautions To Make Sure Hedge Funds Don't Impound Her Jet

cristina fernandez

Photo: Wikimedia Commons

After hedge fund manager Paul Singer impounded an Argentine naval vessel in Ghana, you can’t really call this paranoia.Argentina’s president, Cristina Fernandez de Kirchner, is about to embark on a four country tour, visiting Cuba, the United Arab Emirates, Indonesia and Vietnam.

Instead of taking her own jet, though, she’s renting one from British charter firm Chapman Freeborn for $880,000, the AFP reports (h/t Zero hedge).

Chapman’s jet is 20% more expensive, but at least it means Singer won’t get a Court order to impound Fernandez de Kirchner’s transportation in whatever country she happens to be in.

Argentina has been in a battle with one of Singer’s subsidiary hedge funds over a $1.3 billion worth of unpaid sovereign debt for years now. Last October, Singer got an order to hold Argentina’s naval vessel, the ARA Libertad in a Ghanaian port, and it was stuck there for 2 months.

Last month, the hedge fund tried to seize Argentina’s assets in Belgium, but Belgium refused to allow that.

From AFP:

Oscar Parrilli, the presidency’s secretary general, said in a statement that it was “highly probable” that funds would try to detain Kirchner’s official Tango 01 (T-01) aircraft on her upcoming trip…

Kirchner, who rented a Chapman Freeborn charter for previous trips in 2010 and 2011, has traded barbs with British Prime Minister David Cameron over the Falklands, which Britain retained after a bloody war on the islands in 1982.

The trip starts Thursday. Could be interesting to see what happens.

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