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Sun Dec 16, 2012, 03:40 AM

UN court orders Ghana to release Argentine naval ship

UN court orders Ghana to release Argentine naval ship
By Michael Hogan | Reuters 1 hr 24 mins ago.

HAMBURG (Reuters) - A U.N. court on Saturday ordered the release of an Argentine naval training ship detained in Ghana at the request of a hedge fund trying to force Argentina to pay up on defaulted government bonds.

The Argentine navy's tall sailing ship ARA Libertad, a training vessel, was held in Ghana's port of Tema on October 2 after a court order obtained by NML Capital Ltd, which says Argentina owes it $300 million on bonds which have been in default since 2002.

International Tribunal for the Law of the Sea president judge Shunji Yanai of Japan said the court ruled Ghana should release the Libertad immediately and provide the assistance the crew needs to leave the port.

Argentina had argued the United Nations maritime convention gives warships including unarmed training vessels immunity from civil claims when calling in foreign ports.


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