Photo: Wikimedia Commons
Last Wednesday, sailors aboard the Argentine naval ship held in Ghana by hedge fund manager Paul Singer drew their guns, the WSJ reports.The ship, The ARA Libertad, has been docked there since last month, when officials presented the crew with an armed order to detain the boat.
It’s all because Singer is claiming the vessel as collateral for a supposed $1.6 billion debt Argentina owes a part of his hedge fund, NML Capital, after failing to pay out for bonds that it defaulted on 10 years ago.
This fresh drama came about because the Ara Libertad seems to be causing a traffic jam in the harbor as other boats baring Christmas goods are trying to get in and out. About 20 boats were queued up last Wednesday when the crew refused to move to a different berth in protest. They have been ordered by their government not to allow anyone to board the ship.
“This is turning into an international disaster,” said Asare Darko, a lawyer for the Ghana Ports and Harbors Authority, which operates the Port of Tema, where the 113-yard-long tall ship is being held…
“Crew members drew their guns and pointed them toward officials,” said Mr. Darko.
Mr. Darko said that the authority will attempt again to move the boat and is contemplating contempt charges…
In a speech Friday, Argentina President Cristina Kirchner said “the U.S. justice system is violating its own laws.” She said that the funds bought the bonds for 5 pesos and now want to collect 100.
Long story short: This case just keeps getting stranger and stranger.
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