Democracy Now: U.K. Panel: U.S. “Vulture Fund” Can’t Collect Massive Sum from DRC

A British government panel has ruled a so-called U.S. “vulture fund” cannot collect a more than $100 million judgment from the Democratic Republic of the Congo. Peter Grossman of the firm FG Hemisphere had claimed the money after spending a fraction of the total to buy up an old debt. He is among a number of vulture investors who have demanded African nations pay over half a billion dollars for old debts, for which the investors paid only a few million. But on Wednesday, the British Privy Council granted the Democratic Republic of Congo’s appeal of Grossman’s award. The case was exposed by investigative reporter Greg Palast last year.

~ by wheresthemic on July 19, 2012.

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