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Zambia

MPs move to outlaw Vulture Funds

Former UK ministers and MPs from all UK parties are set to back a bill later on Wednesday outlawing the activities of vulture funds, hedge funds which

By Dennis Jacobsen

Bush Could Block Debt Collection by ‘Vulture’ Funds

by Ashley Seager, Economics Correspondent
Thursday February 22, 2007
Guardian (London)
President Bush could come to the aid of Zambia against a so-called “vulture” fund demanding millions of dollars in debt payments. He is reported to be concerned that investors from the Washington DC area won a court case in Britain last week which enabling them to claim $20m to $40m (£20m) from the poor African nation – as much as it has received in debt relief from rich countries in recent years.

Vulture Fund Threat to Third World

Greg Palast reports on Vultures for BBC Newsnight
By Meirion Jones
BBC Newsnight
February 14, 2007On Thursday 15 February a high court judge in London will rule whether a vulture fund can extract more than $40m from Zambia for a debt which it bought for less than $4m.
There are concerns that such funds are wiping out the benefits which international debt relief was supposed to bring to poor countries.
Martin Kalunga-Banda, Zambian presidential adviser and a consultant to Oxfam told Newsnight, “That $40m is equal to the value of all the debt relief we received last year.”

By Dennis Jacobsen

“Vulture Fund” Company Seeks $40 Million Payment from Zambia on $4 Million Debt

By Kavita Puri
Programme producer, BBC Newsnight
VULTURE FUNDS
Remember Make Poverty History that campaigned to cancel third world debt? And the lofty proclamations by politicians at the G8 in Gleneagles to reduce debt?
Tonight, we have a shocking investigation into vulture funds that make a mockery of these pledges.