Home   >   Business   >   Economy   >   201212
Foreign Debt Expert Warns Against "Vulture Funds"
<< Prev  |  Next >>
Comments ( 0 )     Email    Print
Related Stories
The UN independent expert on foreign debt and human rights Cephas Lumina has been speaking against so-called "vulture funds" which purchase the outstanding debts of heavily Indebted countries.

In a statement, Mr.Lumina explains that "vulture funds" purchase these debts on the secondary market for less than the face value of the actual debt obligation.

They then seek repayment at full face value, plus interest, penalties and legal costs, or impound assets from the companies or countries in an attempt to force payment.

Lumina calls on countries to follow the example of the United Kingdom and Jersey in the Channel Islands which have adopted legislation preventing "vulture funds" from pursuing excessive claims before their courts.
Source: GBC

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.