You may remember last year we celebrated the outlawing of ‘vulture funds‘, in a bill swept through in the final days of the last parliament. It banned the pernicious practice of buying up the unpayable debts of the world’s poorest countries, and then suing them for non payment.
It’s hard to imagine a more disgusting form of investment activity, but Liberia, Madagascar, Mozambique, and Angola have all been victims in the past, often for debts racked up decades ago. Banning them was a victory, but it’s not the end of the vulture funds. They are still free to operate within the UK’s Overseas Territories, such as Jersey, Guernsey, or the Isle of Man. So while we’ve officially banned the practice of suing destitute nations, we’re allowing to continue in the more shadowy offshore parts of Britain.
One vulture fund won a $100 million settlement from the DRC last year in a Jersey court, for a debt incurred under the Mobutu regime. So the next step in the campaign to end this despicable practice is to extend the vulture fund law to Jersey.
Visit the Jubilee Debt Campaign website to send a letter to Jersey’s government. It’ll take you two minutes.