‘Vulture fund’ eyes Zambian UK assets
‘Vulture fund’ eyes Zambian UK assetsBy Bivan Saluseki
Tuesday March 13, 2007 [02:00]
Donegal International is trying to identify assets belonging to Zambia in the United Kingdom that it could seize when its award is decided in six weeks time. And a London court on Friday put off for at least six weeks the decision on how much Zambia would have to pay the 'vulture fund'.
Jubilee Debt Campaign which has been in the forefront campaigning against the vulture funds yesterday stated that Donegal International was making moves to seize Zambia's assets after the courts announced the award.
The company, Donegal International, took Zambia to court trying to claim more than US$55 million for a debt it bought originally for just over US$3 million.
Jubilee Debt Campaign and Oxfam have been urging the vulture fund to drop its claim and the UK government to help keep 'the vultures' at bay in order to make the same cases impossible.
In the first judgment on February 15, 2007, the judge found that Donegal International was not entitled to the whole US$55 million it was claiming, but was entitled to something from Zambia.
He also found that Donegal's witnesses had been "dishonest".
The amount is yet to be determined, but could be as much as US$20 million.
Friday's hearing had put off the date when the actual award will be decided to anytime in April
In the meantime, efforts are being made in the USA to clamp down on the director of Donegal International, a US citizen.
Some congressmen have been calling for congressional hearings into his activities.
Women for Change (WfC) acting executive director Lameck Simwanza in a message of thank you to Jubilee Debt Campaign said the vulture fund was another way of perpetuating debt by countries in the north on those in the south.
"The vulture money being demanded from Zambia would go a long way in fighting poverty, improve access to health and education," he said.
Simwanza appealed to Jubilee and the people of the United States of America to continue putting pressure not only on the US government but also to other countries in the north to put a stop to what he called a very immoral act.
Activist Jesse Jackson published an article in the Chicago Sun Times urging the Bush administration and Congress to stop providing a safe haven for vulture funds.
Jackson stated that because the United States provided a comfortable home for companies that prey on countries like Peru, the Congo, and Zambia, the US had become a much-hated nation.
"At the same time the US sends aid, it literally disempowers these developing nations to help themselves," stated Jackson.
Labels: VULTURE FUND
posted by MrK @ 6:42 AM
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