Stop Vulture Funds Preying on Developing Nations from Jersey
- by: ONE (OLD)
- target: Dear Senator Gorst, Chief Minister of Jersey
Unfair debt can cripple the world's poorest countries. In the past, debt relief has helped lift some of this burden, but vulture funds -- funds that make money buy buying up old debt against developing countries and using the courts to sue them for it in order to reap massive profits -- are threatening that progress.
That's just wrong.
The UK has brought in a law to stop vulture funds from using our courts to prey on developing countries. However, this doesn't yet apply to Jersey.
Right now, vulture fund FG Hemisphere is using Jersey's courts to claim $100m from the Democratic Republic of Congo. They bought this debt for just $3.3m. Tell Jersey's new Chief Minister not to turn a blind eye to this, and to take a stand by extending the UK's anti-Vulture Funds law.
Dear Senator Gorst, Chief Minister of Jersey,
Take a stand and extend the UK's Vulture Funds Law to Jersey. [Your comments will be added here]
Please stop vulture funds buying up cheap developing country debts, and then suing through your courts for massive profits. Taking advantage of countries trying to get back on their feet is just wrong.