The dreaded phrase ‘vulture funds’ last week reared its ugly head last week after the G8 summit brought the world’s attention back to the plight of African countries. Apparently, the best legal minds in the UK are being brought together to ensure that the situation in Zambia never happens again.
The Republic of Zambia was facing a $55m (£27.73m) bill from so-called vulture fund Dongeal International, which bought up the nation’s debt for a rock-bottom price of $3.2m (£1.61m) before suing the country for the full value of the debt, plus interest.
MPs are now on the hunt for law firms to act, which they hope will find legal arguments to stop this ever happening again.
So which firms are likely to be instructed? DLA Piper by any chance? It is the only firm to have so far taken on the might of the vulture funds.Get the latest news and an irreverent commentary delivered to your desktop every day by subscribing to Lawyer News Daily.
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