Navy chief fired over seized ship

Published on 17/10/2012 00:00

ARGENTINA has sacked its navy chief after a frigate was seized in Ghana by bondholders who threaten to hold on to it until debts are paid following Buenos Aires’ 2002 national default.

The Libertad, with 300 on board, was detained in the port of Tema on 2 October under a court order by NML Capital, an affiliate of investment firm Elliott Management.

The firm says Argentina owes it over $300 million (£186m) and will only release the ship if it pays at least $20 million. Navy chief Carlos Alberto Paz was removed with two other officials as Argentina probed who allowed the ship to dock in Ghana.