BERLIN - A U.N. court ordered the immediate release Saturday of an Argentine navy training ship held in Ghana at the request of an American hedge fund.
The ARA Libertad was held Oct. 2 in the port of Tema as collateral for unpaid bonds dating from Argentina's economic crisis a decade ago. Argentina appealed to the U.N. International Tribunal for the Law of the Sea for the ship's release, arguing that as a warship the Libertad was immune from being seized.
In an expedited ruling, the court ordered that Ghana "forthwith and unconditionally release the frigate ARA Libertad" and ensure the ship and its crew can leave Ghanaian waters. It also ordered that the vessel should be resupplied as needed.
Ghanaian courts ordered the ship detained on a claim by Cayman Islands-based NML Capital Ltd.