Court Upholds Naval Vessel's Expropriation As Legal


News: A Ghanaian court on October 11 ruled the seizure of Argentine naval vessel Libertad as legal. The Libertad was seized at the Port of Tema at the request of investors who lost out when Argentina defaulted on its loans worth more than US$100bn in 2001-2002. The Argentine defence ministry had filed a motion challenging the expropriation claiming sovereign immunity. The ministry also said that the vessel could not be targeted by investors as it was a military ship. However, the court ruling claimed that Argentina had lost such immunities when it issued the bonds.

This article is tagged to:
Sector: Freight Transport, Shipping
Geography: Ghana, Ghana, Ghana, Ghana