Arab Today, arab today us hedge fund freezes argentine bank accounts in belgium
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

US hedge fund freezes Argentine bank accounts in Belgium

Arab Today, arab today

Arab Today, arab today US hedge fund freezes Argentine bank accounts in Belgium

A US hedge fund has obtained a freeze
Brussels - AFP

A US hedge fund has obtained a freeze order on one or more Argentine embassy bank accounts in Belgium as it pursues a $1.3 billion debt default case against Buenos Aires, sources said Thursday.

The move is the latest chapter in a long, and so far unsuccessful, battle by two US hedge funds that are demanding full repayment of debt defaulted on by Argentina in 2001.

"We have been informed of a preventive closure of one or more bank accounts held by the Argentine embassy," Belgian foreign ministry spokesman Hendrik Van De Velde said.

"We were informed of this order by a notary ... acting for a foreign entity in connection with a foreign default," Van de Velde said, without giving further details.

Sources close to the case told AFP the company involved was hedge fund NML Capital which is pursuing Argentina over bond investments worth $1.3 billion.

Last year, a New York court ruled that an Argentine debt restructuring plan could not go ahead unless the two creditors -- Aurelius Management and NML Capital -- got back in full the $1.3 billion they invested in the country's bonds.

Argentina refuses to pay the hedge funds, arguing that they lost their claim when they refused to join a restructuring of nearly $100 billion in debt the country defaulted on in 2001.

The restructuring plan will pay interest on the bonds and was accepted by more than 90 percent of creditors.

NML Capital took similar action in Belgium in 2012 but a local court ruled against the company on the grounds that the 1961 Vienna Convention prohibited the seizure of diplomatic property.

The sources, who asked not to be named, said Argentina is likely to make the same case again.

Spokesman de Velde said the Belgian foreign ministry was in contact with the Argentine embassy to discuss the issue.

Last month, Argentina's economy minister went to the United Nations to accuse so-called vulture funds of gaining "extortionate power" over countries seeking to restructure their sovereign debt.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us hedge fund freezes argentine bank accounts in belgium Arab Today, arab today us hedge fund freezes argentine bank accounts in belgium

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us hedge fund freezes argentine bank accounts in belgium Arab Today, arab today us hedge fund freezes argentine bank accounts in belgium

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday