Friday, April 20, 2007

Help Zambia fight back against the vultures

In 1999, a 'vulture fund' called Donegal International bought a debt owed by Zambia, originally worth $15 million and then valued at about $30 million, for a knock-down price of $3.3 million. It then sued Zambia in London for the full amount, plus compound interest – a staggering total of over $55 million! The judge rejected the size of Donegal's claim, after Zambia fought back in the courts. But he nevertheless ruled that under law Donegal is entitled to something from Zambia, and awarded the company $15.5 million.

Zambia desperately needs all its money to invest in teachers, doctors and infrastructure. Thousands of campaigners have contacted Donegal, urging it not to take the money. But it's ignoring our calls. The UK and other wealthy governments need to take action to prevent this kind of predatory action. Please add your voice to the call of the Jubilee Debt Campaign by taking action by clicking on the link below and contacting your MP.

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