Vulture funds are private companies that scavenge profit from some of the world’s poorest countries.
Vulture funds profiteer from the poor, by buying up the debts of heavily indebted poor countries at a cheap price, then trying to recover the full amount, plus interest and costs, by suing through the UK courts.
At least 54 companies, many based in tax havens, are known to have taken legal action against 12 of the world’s poorest countries in recent years, for claims amounting to $1.5 billion.
This means money released by debt relief is going into the pockets of wealthy investors, not spent on the poor of the countries and on their health and education. Appalling, yes! Scandalous. Yes, but unfortunately not illegal.
There is a very urgent need to support for the Debt Relief (Developing Countries) Bill going through Parliament on Friday 26th Feb, carefully targeted to stop Vulture Funds suing the poorest countries through the UK Courts. (Liberia was successfully sued for £20 million in London by these funds in November, and Zambia was sued for £18 million a year or so ago, after they were given the debt relief we campaigned for!)
We have a historic opportunity to see the law changed if we can get enough MP’s to go into Parliament on a Friday. If you are able to circulate this link as widely as possible, and encourage people to write to their MP’s, we would very much appreciate this. Click below to download a template letter to email your MP with, or follow the link to Jubilee Debt Campaigns website here Jubilee Debt Campaign
View the TV News here Channel 4