Vulture Funds outlawed... for a year anyway

At the last gasp before Parliament is dissolved prior to next month’s election our politicians did something to make this country proud. By passing Debt Relief (Developing Countries) Bill the UK became first country to ban ‘Third World Debt’ profiteering by the scum who deal in Vulture Funds

This is how the Jubilee Debt campaign’s press release described what is truly a momentous act.

“A landmark bill to protect the poorest countries in the world from profiteering by so-called vulture funds became law today after passing in the House of Lords during the ‘wash-up’ at the end of the Parliamentary session.

Jubilee Debt Campaign welcomed the successful passage of the Debt Relief (Developing Countries) Bill, which is the world’s first law to restrict the ability of Vulture Funds to sue some of the world’s poorest countries for full repayment of debts that they have bought up cheaply.

Last November two Vulture Funds were awarded $20 million in the High Court from Liberia – the second poorest country in the world - for a debt dating back to the 1970s. This law is expected to make that verdict unenforceable.

There was an outcry last month after the bill was blocked at third reading by an unidentified Conservative MP – thought to be backbencher Christopher Chope. But the Government made time for the Bill in the wash-up, after securing cross-party agreement with a sunset clause which will mean the law has to be reassessed to be made permanent in a year’s time.

Andrew Gwynne MP, Sponsor of the bill said:
“I am absolutely thrilled that my bill has been passed into law. It was completely unacceptable that a small number of companies were ever allowed in the UK courts to profiteer off the third world debt market. These “vulture funds” were completely unjust and it is to the credit of this parliament, and the efforts of the Jubilee Debt Campaign that we have finally managed to pass this law. I said I would put a stop to these vulture funds, and I did.”

Whoever wins the next election had better reassess the bill and ensure this law becomes permanent, In the meantime it is one huge FUCK YOU to the scumbag Christopher Chope who tried to derail the bill. More importantly it is an even bigger FUCK You to shit stains like Michael Sheehan and Paul Singer who have made millions feeding off the very poorest.