Elliott, Argentina To Face Off Over Ship Tomorrow

Oct 8 2012 | 12:08pm ET

The flagship of Argentina's navy remains firmly stuck at anchor after Ghanian officials refused to release it on Friday.

The ARA Libertad was seized on a visit to the West African nation last week after an affiliate of Elliott Associates, which has been battling Argentina over the country's debt default a decade ago, convinced a Ghanian judge to seize the vessel. A court hearing is set for tomorrow.

Argentina, which predictably reacted furiously to the seizure, requested the hearing, at which it will seek the ship's freedom. Ghanian port officials have said they will not release the Libertad from Tema without a court order. The ship is carrying a crew of 220, who remain onboard.

"The vessel has not been seized, but rather detained with its crew on board and they are following their daily routine," the Argentine navy said. "They've been treated very well by the locals."

For its part, NML Capital, the Elliott affiliate, says that Argentina can have its boat back whenever it wants.

"If Argentina pays the bond, the boat is free to go," Ace Ankomah, a lawyer for NML, told the Merco Press. That bond could be in excess of US$10 million.

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