Jubilee Debt Campaign Birmingham

Posts Tagged ‘high court action

The latest outrage on  international debt has been demonstrated the during  the last few weeks. In the British High Court two Vulture Funds were awarded $20 million for a debt that dates back to 1978.  For a country that sits in the bottom 15 for worst living standards in the world, that $20 million siphoned off by the Vulture Funds is equal to 105% of the country’s education budget and 155% of its health budget in 2008. The country Liberia Is currently headed by Ellen Johnson-Sirleaf, the first democratically elected women head of state in Africa. The country has shown itself to be a model of responsible borrowing since the end of its war.  Despite the illegitimacy of Liberia’s loans, taken out by dictatorial governments and used to fuel and finance the 14 years of civil war, the new democratic government has done all it can to start fresh by clearing its past debts.

Suddenly out of the blue come this devastating blow from our High court when, Wall Capital Ltd. and Hamsah Investments, sued Liberia and were awarded $20 million.  These Vulture Funds held the rights to a $6 million debt from 1978, which has been passed through many hands and has an unclear record of spending and repayment – the money may have even financed and fuelled the civil war.

Attempts by Jubilee campaigners to stop our courts and those in USA taking part in rewarding these vultures   failed when the British government did not include the necessary measures in the Queens speech. Nothing can it seems be done to undo this gross in justice to the people of Liberia, but we now have to find a means of stopping other Vultures landing in London and eating the flesh from other poor people.

One gallant MP might just make this possible – if you lobby your MP to help his private members bill through the House of Commons. Andrew Gwynne could save hundreds of thousands of people from the damaging effects of this and prevent the rich investors going in for the kill on other weak and powerless countries in the same position as Liberia.

Do get in touch with your MP and make your views known If you go to find your MP Please take full advantage of being able to have your say. Lets cull the vultures and stop any more law suits in Uk. Jubilee USA are doing their part  to stop similar actions in the law courts there too.

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This is the blog of the local group of the UK campaign calling for cancellation of international Debt.

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