Thursday, May 7, 2015

Vulture fund has Argentine embassy accounts confiscated in Belgium

A vulture fund confiscated “one or more accounts” from the Argentine embassy in Belgum, a measure effective since Monday, which led the Belgian diplomacy to “analyse together” the situation with Argentina's dipolomatic mission, according to the Foreign Ministry in that country.

“We are informed over the precautionary confiscation practiced against one or more of the accounts of the Argentine embassy in Brussels,” indicated Hendrik Van de Velde, spokesman for the Ministry of Foreign Affairs in Belgium.

Official sources indicated that the measure was originated by the NML Capital speculative fund which won a trial in New York. Justice forced Argentina to pay about u$s 1.300 millon due to default.

This is not the first time a similar situation arises. In 2012, also at a request made by the NML Capital fund, Argentina's Navy Frigate “Libertad” remained stranded for more than two months in the port of Tema in Ghana. Back then, the International Tribunal for the Law of the Sea ordered the end of the seizure after determing that international law awards inmunity to military ships.