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Friday, March 11, 2016

 



Liberia ordered to pay 'vulture funds' over 1978 debt
BBC, November 28, 2009


A British court has ordered Liberia to pay two Caribbean-registered investment funds more than $20m (£12m) for a debt that dates back to 1978.

The sum awarded to the firms - described as "vulture funds" by critics - is equivalent to about 5% of the Liberian government's budget this year.

Liberia says it has no money to pay the debt back and has accused the firms of profiting from poverty.

The country is recovering from a 14-year civil war that ended in 2003.

The details of the case are still unclear, but it is thought Liberia borrowed $6.5m from the US-based Chemical Bank in 1978 and that debt may have been resold a number of times.

The two funds requested London's High Court to grant a summary judgement in the case - making Liberia liable for the debt without the need for a full hearing. ...

 

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  Liberia ordered to pay 'vulture funds' over 1978 debt

UK, Nov 28, BBC - A British court has ordered Liberia to pay two Caribbean-registered investment funds more than $20m (£12m) for a debt that dates back to 1978......
...More

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