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African legal body defies the vultures

The figure cited of $1.2 bn is five years old. Yesterday's news. All of those cases have been settled. Current litigation against SILIC's is primarily brought by original creditors who got stiffed, not investment funds. The funding being spent to assist debtor countries fight inevitable judgments on debts they properly owe is misguided and misspent... It is welfare for big law firms. Zambia was billed several million, all of which went to large UK law firms. The ADB would be much better off just funding legal training for legal staff at government ministries in Africa. And the debtor governments would be much better advised to settle with their creditors (original or otherwise) in local currency for investment quickly and at the steepest discount possible...

28-Sep-2010

4:32 pm