Wednesday, 6 May 2009

STEPHEN LADYMAN MP DEMANDS AN END TO DEBT “VULTURES”

Stephen Ladyman, the MP for South Thanet, has joined the Jubilee Debt Campaign to stop vulture funds profiteering from Third World debt.

Stephen is supporting a bill being presented to Parliament to stop financial institutions from making multi-million pound profits out of the debts of some of the poorest countries in the world.

The Developing Country Debt (Restriction of Recovery) Bill, a ten minute rule bill with cross-party support, is presented in Parliament tomorrow (Wed April 6th). In recent years at least 54 companies are known to have taken legal action against 12 of the world’s poorest countries. Most notably the vulture fund Donegal International, based in the British Virgin Islands, won $15.5 million through the courts in repayment for Zambian debt it bought for $3.3 million.

The Bill provides for:
An end to hedge funds and other investors buying up Third World debt at cut-rate prices and then suing developing country governments through the UK courts for the full amount.
Reporting arrangements to the UK and developing country governments.
Transparency over who is involved in the funds.
Anti-corruption measures.

Stephen Ladyman said: “It cannot be right that the mega-rich should be able to exploit the poorest people in the world. That is exactly what these vulture funds have been doing and it has to stop.”

Nick Dearden of Jubilee Debt Campaign, which has been leading the campaign against the vulture funds, said: “It’s completely wrong that the vultures should be able to scavenge money meant for some of the poorest countries in the world. MPs’ support is important in putting a stop to the profiteering.”

In the picture Stephen Ladyman MP and a vulture outside Parliament. The vulture is on the right!

3 comments:

  1. Drat! You got to that joke before me!

    ReplyDelete
  2. Richard just in case you thought I had added the last paragraph, that was the whole press release as Steve sent it to me.

    ReplyDelete
  3. It cannot be right that an MP takes 25 grand off a local developer, thousands in expenses from taxpayers and then takes a "consultancy" in an industry which months before they were a Minister.

    Anyhow vultures are an endangered species, I think we will always have MP's

    ReplyDelete

Please note comments that may be libellous, comments that may be construed as offensive, anonymous derogatory comments about real people, comments baiting internet trolls, comments saying that an anonymous comment was made by a named real person, boring comments and spam comments, comments in CAPs will be deleted. Playground stuff like calling real people by their time stamp or surname alone, referring to groups as gangs, old duffers and so on will result in deletion. Comment that may be construed as offensive to minority groups is not allowed here either, so think before you write it, remember that the internet is a public place, that it is very difficult to be truly anonymous and that everyone who uses it leaves a trail of some sort. Also note the facility to leave anonymous comment will be turned of during periods when I am unable to monitor comment, this will not affect people commenting who are signed on to their blogger accounts. When things are particularly difficult on the commercial spam front I may turn comment moderation on for periods.

If you feel that someone has left a comment that is offensive and directed at you personally please email me (link on the sidebar) asking to have it removed, you will need to tell which post and the date and timestamp of the offending comment. Please do not reply to the offending comment as I will assume you continuing the dialogue as meaning that you want the comments left there.