Anfield
16-Dec-11, 17:16
Whilst a lot of the Western world Governments are going out of its way to help the poorer nation, there are still people who see an opportunity to make a fast buck.
Peter Grossman runs a so-called vulture fund which buys up the debts of poor nations cheaply, and then sues the country for 10 or 100 times what they paid for them.
In his latest raid he "bought" a $3.3 million debt owed by one of the poorest nations in the world (DR Congo) and sued to recover $100 million i.e.more than $90 million more than the original debt.
The original debt was in fact a loan to DR Congo from the old Yugoslavia and was illegally sold to Grossman's company, FG Hemisphere.
In his defence Mr Grossman denies trying to take money assigned for development and poverty alleviation saying;
"..we are prevented from attaching funds or assets of any kind that are used or designated for aid, development, poverty relief or any other social issues of that kind.. (http://www.fghem.com/)
So where does Mr Grossman think that the DR Congo is going to raise this money , a lottery win perhaps or maybe the local downtown Cash Converters
Another parasite is the self styled "Goldfinger" Michael Sheehan who "bought" a Zambian debt (http://news.bbc.co.uk/1/hi/programmes/newsnight/8610062.stm) of $3 million and demanded $55 million - the total budget for education in Zambia . He eventually won $15 million in the British Courts.
Britain, to its credit, outlawed these funds last year but a loophole allows the shysters to sue in Jersey.
You can help by urging Jersey to follow the UK and ban these "vulture" funds (http://www.thepetitionsite.com/takeaction/317/481/579/?z00m=20150491)
Peter Grossman runs a so-called vulture fund which buys up the debts of poor nations cheaply, and then sues the country for 10 or 100 times what they paid for them.
In his latest raid he "bought" a $3.3 million debt owed by one of the poorest nations in the world (DR Congo) and sued to recover $100 million i.e.more than $90 million more than the original debt.
The original debt was in fact a loan to DR Congo from the old Yugoslavia and was illegally sold to Grossman's company, FG Hemisphere.
In his defence Mr Grossman denies trying to take money assigned for development and poverty alleviation saying;
"..we are prevented from attaching funds or assets of any kind that are used or designated for aid, development, poverty relief or any other social issues of that kind.. (http://www.fghem.com/)
So where does Mr Grossman think that the DR Congo is going to raise this money , a lottery win perhaps or maybe the local downtown Cash Converters
Another parasite is the self styled "Goldfinger" Michael Sheehan who "bought" a Zambian debt (http://news.bbc.co.uk/1/hi/programmes/newsnight/8610062.stm) of $3 million and demanded $55 million - the total budget for education in Zambia . He eventually won $15 million in the British Courts.
Britain, to its credit, outlawed these funds last year but a loophole allows the shysters to sue in Jersey.
You can help by urging Jersey to follow the UK and ban these "vulture" funds (http://www.thepetitionsite.com/takeaction/317/481/579/?z00m=20150491)