Vulture Funds

April 25, 2007

Vulture FundsAs if Zambian politicians didn’t have enough problems effectively managing public funds, a private company which bought up debt several years ago recently tried to claim $55 million from the public coffers. A portion of Zambia’s debt was bought up by a company called Donegal International for $3.3 million. They tried to claim $55 million from the Zambian government, but a British Court reduced this to $15 million.

It’s quite a bizarre way to make a profit, so if you want to take action on these so-called ‘Vulture Funds’ then you can write to Donegal International’s Michael Sheehan and tell him to drop this claim against Zambia. Click here to go to Oxfam’s site and write the nice man a letter.

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