End the Vulture Culture

Vulture funds are private companies that try to scavenge profit from the debts of some of the world's poorest countries.

Vulture funds seek to profiteer by buying up the debts of heavily indebted poor countries at a cheap price, then trying to recover the full amount, often by suing through the courts.

At least 54 companies, many based in tax havens, are known to have taken legal action against 12 of the world's poorest countires 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 health and education.

On 8 April 2010, thanks to the relentless campaigning of thousands of our supporters, the Debt Relief (Developing Countries) Act, which severly restricts the actions of vulture funds in the UK,  passed into law for one year. Due to more pressure from our supporters this was made permanent in March 2011. This law does not apply to Overseas Territories and Crown Dependencies such as Jersey so the campaign is now looking to have the ban extended there.  Hopefully this landmark legislation will set an example to other governments who still let vultures use their courts for this immoral practice.

MORE ON THE CAMPAIGN

• Campaign latest >>
• How it happened >> 
• Read the Debt Relief (Developing Countries) Act here >>
• Vulture funds in more depth >> 
  

 

Explore the issues

1. Read more about the Zambia case
2. Get the full background on vulture funds
3. Watch the Newsnight reports