Vultures could use our court to make the poor poorer
Wednesday 29th June 2011, 1:00PM BST.
GUERNSEY’S courts could be used to force debt-racked Third World countries to pay up millions.
An investigation is now under way into how to crack down on the practice.
Jersey has also launched an official inquiry following pressure from lobby group Jubilee Debt Campaign.
Both islands are looking at whether ‘vulture funds’ should be allowed to use the courts to pursue debts.
The funds buy up the debts of developing countries for a fraction of the amount owed and then aggressively pursue the debtors through the courts to recover as much as possible.
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I’m not sure how long I’ve been banging on about the vultures. Nobody listens. Oh look, now it’s a potential reputational threat, let alone morally reprehensible.
Maybe at some stage we could outlaw companies setting up shells for the extraction industry that has continuously mangled the developing world and repatriated the wealth.
No, that doesn’t happen either, does it?
Nor any of the ‘sophisticated’ tax dodging larks.
Sheer, collective, wilful ignorance.
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Arnald
Well said
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wash your mouth out traitorous arnald. how dare you question the guernsey ethic, the guernsey way of doing things, the guernsey way of life! my old dad was a guernsey bloke, experienced the occupation (didn’t say much -probably felt ashamed, like any victim of abuse), laboured from 15 yrs old, then grew toms and flowers and through honest sweat, got a few rungs off the poverty ladder he was born into. he was so fair minded it hurt. he was ripped off by smarmy middle men when ever he turned his back). i reckon if he knew how his island name would end up he’d have gone with the fascist invaders – lowest of the low, but … maybe never so snake belly low as the international offshore tax and trust fund industry. i wonder just how much lower, wholesome, right-thinking, good, old, guernsey, will allow it to sink to, when touting for ‘business’?
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