Vultures defeated in Jersey
We have some great news to share in the fight against so called vulture funds, which make money by buying up old debt against developing countries, and using the courts around the world to sue them for the full amount in order to reap massive profits.
In a surprise decision today the UK Privy Council, which decides cases of Jersey law, has ruled against vulture fund FG Hemisphere in a case brought against Democratic Republic of Congo.
FG Hemisphere was using the courts in Jersey to try and collect $100m from the Democratic Republic of Congo. The debt originated in the 1980s when the Yugoslavian government lent money to dictator General Mobutu to win contracts for their businesses.
Today’s judgement marks the final appeal in a case for payment on a debt bought by FG Hemisphere for just $3 million.
ONE has been campaigning for months alongside our friends at the Jubilee Debt Campaign to see an end to vulture funds using Jersey’s courts to prey on poor countries for old debt.
Nearly 50,000 ONE members signed our petition to Jersey’s Chief Minister, Senator Ian Gorst and thanks to our pressure, he announced that Jersey would introduce a law, similar to the one in the UK that will stop vulture funds preying from Jersey’s courts.
But this was too late for the current case. So today’s court decision is great news.
After having much of their debt cancelled by the IMF and World Bank just last year, the impact of losing this case would have been devastating for the on the Democratic Republic of Congo, and the people living in extreme poverty.
But of course the defeat of one vulture does not mean a defeat for all. So rest assured that ONE will continue to campaign on this issue. We’ll also be closely monitoring the situation in Jersey to ensure that the promised law comes into force soon.
Thank you to all ONE members who took action on this issue. Your voice was so vital in standing up for what was right.
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About the Blog
The International ONE Blog is a daily log of the anti-poverty movement. The site is operated by ONE staff, with guest contributions from ONE volunteers, members and allies.
The content of each post and each comment represents the views of that author and does not necessarily reflect the views of ONE. ONE does not support or oppose any candidate for elected office, and any post expressing support or opposition for a candidate is not endorsed by ONE.
18/07/2012 at 3:53 pm
Well that is very interesting… I just moved to DRC to volunteer and had no idea about the 100M claim… Thanks!
18/07/2012 at 4:27 pm
Well done guys – keep up the good work. May all your good works be rewarded!!
18/07/2012 at 4:33 pm
is it possible to start a campaign to prevent public money contracts being awarded to co’s using tax havens.
Companies like Care uk, Serco, Virgin are effectively stealing money from the National Health Service to provide huge dividends for socially reprehensible investors
18/07/2012 at 4:36 pm
Once again the voice of the minions has been heard.Congrats to us all.
18/07/2012 at 4:45 pm
Once again we realise that it’s worth the effort to campaign! Thanks ONE for keeping us informed on ways that we can do our bit to bring positive change!
18/07/2012 at 4:47 pm
This is great news! Anything or anyone – no matter how small or insignificant – that highlights injustice in our greedy world, is making a great step forward. We all need to work together and oppose these ‘vultures’, in whatever form, so that real change towards justice and equity will come about. Well done.
18/07/2012 at 4:52 pm
What does the article mean when it says ‘though not quickly enough to affect this case’? Does this mean that the DRC will still recieve the charges?
18/07/2012 at 4:56 pm
Good work , keep it up !!
18/07/2012 at 5:08 pm
“…and I belive WE have the will…” (Vertigo Tour, 2005) Yes!!!!! We have it!! Thanks for all, Claire, in my name, and in the name of each of those who still have hungry, of those who still haven’t found what ALL OF WE are looking for!
18/07/2012 at 5:28 pm
Excelente Job. God id with us. Blessings.
18/07/2012 at 5:50 pm
It is very reassuring to realize that such a group of people are banding together to find out what needs to be done and has the courage and the intelligence to organize and to take proper action. Thank you for getting so many of us involved in this campaign.
18/07/2012 at 5:55 pm
Brilliant news and great work all, you’re an inspiration, thank you x (and British Justice making a come-back? Too much?)
18/07/2012 at 6:01 pm
What it prove is that UK-plc had to live up to common-wealth aspirations of good moral standing while allowing this another off-shore tax haven and money laundering island to keep its status Quo for a chicken fee in my opinion,despite your well deserved win
18/07/2012 at 6:12 pm
Some responsibility has to lay with whoever sold the OLD debt in the first place too! If a debt is cancelled surely they can’t resurrect it, no matter who bought it.
Hope you have many more victories, it’s time these vultures were put out of business for good!
18/07/2012 at 6:15 pm
Excellent job!
18/07/2012 at 6:21 pm
nice
18/07/2012 at 6:25 pm
That’s what happens when we’re all ONE! Congrats everybody!
18/07/2012 at 7:58 pm
18/07/2012 at 8:16 pm
Thanks for your vigilance and for organising action. So happy for the people of the Republic of the Congo!!!
Justice was served.
18/07/2012 at 9:11 pm
All of us togheter as ONE !!!
18/07/2012 at 9:22 pm
super. one step for justice and equality.
18/07/2012 at 9:37 pm
Nice ONE !!! ;o)
Let’s keep moving for the masses >>>
18/07/2012 at 10:42 pm
Thank you for simply applying the ethic and virtue of justice. We would be outraged if a wealthy banker walking down the street swooped and took all the coins from a street beggar in genuine need. But that is exactly what appears to be happening, amplified, magnified and replicated throughout the world.
All power to you!
18/07/2012 at 11:11 pm
Hi clare congratulations on one of the worlds toughest fight, I would like to call it “The great escape”Well done & keep fighting the world is in your support, Thank you, Abdullatif Khan,
19/07/2012 at 12:18 am
If our Government, cared enough about the environment as they claim, this would not be an issue. The best way to stop this, is to contact your Mp, MPP, and the NDP.
Hence, I am very happy to see action being taken.:)
19/07/2012 at 1:28 am
Good news but not a solution. Ian Gorst (Jersey’s Chief Minister) seems still to be dragging his feet. JDC protests that they could simply introduce the original UK Act with its sunset clause and then ratify it later as the Coalition did in the UK. This will close things down but still allow sceptics to see that nothing bad will happen. To take it forward go over to the JDC website http://www.jubileedebtcampaign.org.uk/ACT3720NOW373A3720What3727s3720delaying3720Jersey3727s37203727vulture37273720law373F+6993.twl
and tweak up the email there so that he knows there is a lot of concern. If you don’t get a response, simply repeat it, perhaps using a direct email to chiefminister@gov.je and i.gorst@gov.je . By doing this and sending the text of my previous letter I got a personal response.
19/07/2012 at 1:40 am
protect the animal,protect the environment,protect ourselves
19/07/2012 at 1:52 am
Hola recuerden que yo coordino dos organizaciones comunitaria de Mujeres y otras Adultos Mayores de 60 años de Brisa del Edén de Mendoza Santo Domingo Oriental R.D .
19/07/2012 at 6:08 am
Anyway, a very weak and a dying fund. A default debt like a bad debt that had to be written of instead of being used for lithigating it for making super profits. Vultures endanger the gainsmade by debt relief to poorest countries such as the Democratic Republic of Congo.
19/07/2012 at 6:30 am
Whoa! Good job and great news Clare. It feels so comforting to see the strength of collective action in motion. Let us stay globally connected and locally engaged.
19/07/2012 at 8:29 am
Great……happy to be part of this
19/07/2012 at 8:38 am
It just goes to show that even a small voice crying in the dark can be heard! We must all keep on going against injustice, greed, and corruption. The World is slowly waking up to what is going on, now let us all push against Tax dodging!!
19/07/2012 at 12:07 pm
Thats great news well done to all the team.
19/07/2012 at 12:27 pm
you doing good things, I’m happy to be part of this.
19/07/2012 at 3:00 pm
Having given a large part of my life helping some of Africa’s poorest people get clean drinking water and seen the repressive effect of international loans, this decision really delights me. If all the other similar vultures can be shot down it will really make a difference towards enabling African nations to stand on their own feet and solve their own problems. They have some very able and good people there, but they will be ineffective until we, the developed nations, remove the chains that strangle their economies. We also need to get rid of a bucketful of corrupt politicians, both in Africa and in our own backyard.
Well done everyone this time.
20/07/2012 at 6:37 am
beatiful JOB
20/07/2012 at 1:43 pm
In the work we have ben involved in.. we have found that many are providing lip service and not much is being done
We have contact with many who can bring fre energy to public domain
new ways of farming.. that only uses 10% of the water being used at the moment for farmont// amoungst so many other things.
But it takes more than talk to make changes. action is needed.. as there does not have to be the poverty in the countries that have the biggest poverty.. as they have mnay sources of funding in the ground to become self sufficient
20/07/2012 at 11:55 pm
Good work,all best.
21/07/2012 at 1:51 pm
Nice … happy to be part of this
30/07/2012 at 8:27 pm
NICE JOB…
ONE BY ONE IT’LL BE ONE
03/08/2012 at 1:05 pm
Nice … happy to be part of this