BREAKING NEWS

Argentina axes navy chief after frigate seized in Ghana

By REUTERS

OCTOBER 16, 2012 01:32

BUENOS AIRES - Argentina replaced its navy chief on Monday as it investigates the seizure of a frigate in Ghana by bondholders who say they will not release the vessel until the South American country repays money owed them after its 2002 debt default.

The Libertad, a training frigate with some 300 crew on board, was detained in the Ghanaian port of Tema on Oct. 2 under a court order obtained by NML Capital Ltd, an affiliate of investment firm Elliott Management.

The firm says Argentina owes it over $300 million on defaulted debt and it will only release the ship if the country pays it at least $20 million.

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