Union Hits Out at Vulture Fund Swoop on Tall Ship

Press Release
Wednesday, November 07, 2012
Fragata Libertad: Photo credit Wikimedia CCL

TF president Paddy Crumlin condemns those responsible for seizure of 'Fragata Libertad', an Argentine navy training ship, in Ghana.

The detention of the ship was ordered on application to a court by Elliott Capital Management, which has bought up debt associated with bonds on which the Argentinian government defaulted in 2001.

Paddy Crumlin stated: “The Ghana injunction comes at the urging of one of the worst international financial predators, Paul Singer, a US hedge fund billionaire who has made a vast fortune preying on countries and workers around the world, a fortune made partly by investing in anti-union companies.”

He continued: “In trying to hold hostage one government over a dispute on sovereign debt by holding the Libertad hostage, Singer shows that he only holds one thing sacred: making more profit and building his wealth. Motivated by greed, and not the respect of the rule of law, Singer has even refused the two debt swap programmes that have succeeded in restructuring 95 percent of Argentina’s defaulted debt.”

Crumlin concluded: “Singer’s actions are further to be condemned as he is holding a training vessel of young Argentinian men and women seeking a career at sea reflecting generally the lack of regard his company has for the human consequences of their commercial decisions.”
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Korean Prosecutors Raid Home of Ferry's Owner

Prosecutors investigating the fatal sinking of a South Korean ferry have raided the home of Yoo Byung-un, the head of a family that owns the Chonghaejin Marine Co.

Ship as Lifeboat Concept Disputed by ICV

A recent meeting at the National Transportation Safety Board in Washington, D.C. (attended by International Cruise Victims (ICV) Board representatives) discussed

BP Gulf Spill Trial Set For January

The high-stakes penalty phase of BP's trial over its role in the 2010 U.S. Gulf of Mexico oil spill will start next January, court officials said on Tuesday,

Vessels

USS Taylor to Enter Black Sea

The U.S. Navy reported that the Oliver Hazard Perry-class frigate USS Taylor (FFG 50), homeported in Mayport, Fla., will enter the Black Sea April 22 to promote peace and stability in the region.

CMM Takes Delivery of Damen PSV for Brazil

New supplier CMM Gravity to start on long-term contract with Petrobras. CMM has taken delivery of a Damen Platform Supply Vessel 3300. The 80-meter, 3,300t deadweight

New Scheduled International Cargo Shipping Service

The U.S. Department of Transportation’s Saint Lawrence Seaway Development Corporation (SLSDC) today joined the Port of Cleveland in announcing the launch of the

 
 
Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1348 sec (7 req/sec)