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Friday, 9 December 2011

"Funds To Be Pulled From Jersey's Vultures"

Vulture funds come under peer pressure

The JEP first raised the issue of vulture funds in June this year

UK peers have urged David Cameron’s government to pressure Jersey into stopping the Royal Court from being used to force third world countries to pay crippling debts to ‘vulture funds’.

In a week in which Chief Minister Ian Gorst reasserted his commitment to putting an end to vulture funds, the matter was raised in the House of Lords.

An inquiry was announced in Jersey in June into the way the funds used the Jersey courts to force payment on debts worth millions acquired for a fraction of their face value, and Oxfam, ActionAid and Jubilee Debt Campaign have urged the UK to take firm action.

Their call has now been taken up in the House of Lords, after Lord Roberts of Llandudno, a Liberal Democrat peer, made his comments in an international policy debate. He called on the UK Coalition to push Jersey towards shutting off the courts to vulture funds.

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