news & events
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.
They operate 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 countries 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, instead of being spent on health and education.
MRDF's partner Jubilee Debt Campaign is working to change this. You can help by emailing your MP, asking them to vote for the Debt Relief (Developing Countries) Bill on 26 February.
Visit http://www.theyworkforyou.com/ and insert your postcode to send your MP an email. If you wish you can use the template letter below:
Dear [MP's name],
On 26 February, the Debt Relief (Developing Countries) Bill will receive its second reading. This bill aims to prohibit the activities of so-called vulture funds – investment funds which buy-up defaulted poor country debt and sue for full immediate repayment.
I would like to ask for your support of this bill. There are two things you can do:
1. Sign the new Early Day Motion, EDM 618 on 'Vulture Funds’
2. Attend the session on 26 February and support Andrew Gwynne MP’s bill
The Bill would introduce legislation to protect countries which have gone through the Heavily Indebted Poor Countries initiative (HIPC) from investors who try to profiteer from the poverty and suffering of others. Only last November, two vulture funds took Liberia to court in the UK, where they were awarded £20million against one of the world’s poorest countries.
Please help us bring an end to this appalling activity and support Andrew Gwynne’s bill.
Yours sincerely,
[Your name]
[Your address]