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.
TAKE ACTION
We are working with MPs to bring an end to the vulture culture.
The Developing Country Debt (Restriction of Recovery) bill, introduced in Parliament by backbench MPs in May 2009, seeks to regulate vulture funds by capping the amount they can sue for and tackling the secrecy on which they thrive.
We now need to attract maximum support in parliament for this legislation, to persuade the government to take it seriously.
Please write to your MP and ask them to:
- Sign Early Day Motion 1440 on Regulating Vulture Funds
- Write to the International Development Minister to ask the Government to introduce the provisions covered in the Bill
- Support international measures to end the vulture culture and clean up global finance
Write to your MP via www.WriteToThem.com. You can use some of the information above. It will be most effective if you write in your own words.
You can read the full text of EDM 1440 here. If your MP has already signed the EDM, please write to thank them and ask that they write to the International Development Minister.
MORE ON VULTURE FUNDS
Explore the issues
1. Read more about the Zambia case
2. Get the full background on vulture funds
3. Watch the Newsnight reports
