Wednesday, 31 August 2016
Last updated 10 hours ago
Nov 2 2012 | 2:21am ET
Elliott Associates is going to take as much of the Argentine navy as it can get its hands on.
Less than a month after seizing—and holding onto—the navy's flagship vessel in Ghana, Elliott affiliate NML Capital has turned its attention to another Argentina naval ship in South Africa. The hedge fund has hired a major South African law firm in an attempt to impound the ARA Espora, which is undergoing repairs in Simonstown.
While the ARA Libertad remains stuck in Ghana, Elliott hopes to boost its navy to two ships with the addition of the Espora. That ship had been in the region for joint naval exercises with South Africa, Brazil and Uruguay.
Argentina, which has prepared for a legal battle, cannot simply sail the Espora out of Simonstown due to its mechanical problems. Repairs could take as long as two months.
Argentina has reacted furiously to the seizure of the Libertad, which it was forced to evacuate last month after Ghanian courts refused to free the ship.