hide message

Welcome to the Resource Centre

We make it our mission to work with advocates in civil society, business and government to address inequalities of power, seek remedy for abuse, and ensure protection of people and planet.

Both companies and impacted communities thank us for the resources and support we provide.

This is only possible because of your support. Please make a donation today.

Thank you,
Phil Bloomer, Executive Director

Donate now hide message

You are being redirected to the story the piece of content is found in so you can read it in context. Please click the following link if you are not automatically redirected within a couple seconds:
en/vulture-fund-donegal-intls-claim-for-repayment-against-zambia-partly-upheld-by-uk-court-anti-poverty-groups-criticise-decision-urge-donegal-not-to-take-money#c35347

'Vulture funds' threat to developing world

Author: Meirion Jones, BBC Newsnight, Published on: 14 February 2007

On Thursday...a...judge in London will rule whether a so-called vulture fund can extract more than $40m from Zambia for a debt which it bought for less than $4m. There are concerns that such funds are wiping out the benefits which international debt relief was supposed to bring to poor countries... Newsnight...[tried] to interview Paul Singer [principal of Elliott Capital Advisors]...who virtually invented vulture funds. In 1996 his company paid $11m for some discounted Peruvian debt and then threatened to bankrupt the country unless they paid $58m. They got their $58m. Now they're suing Congo Brazzaville for $400m for a debt they bought for $10m. We didn't get our interview. [also refers to Debt Advisory International, Greenberg Traurig]

Read the full post here

Related companies: Elliott Management