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Donegal International, a vulture fund
April 10, 2007 12:22 PM
Dear Mr Khalid Mahmood MP,
I am sure that you are aware of how Donegal International, a vulture fund registered in the British Virgin Islands has been suing the Zambian government for a staggering $55 million based on the purchase of an old bad debt that was valued at less than $4 million in 1999.
In the British courts this year Donegal International award was reduced to around $15 million however this will still places a serious strain on a nation like Zambia where the majority of its people live on less than $1 a day.
Please could you use your authority, influence and weight to encourage the Chancellor of the Exchequer, The Rt Hon Gordon Brown MP to press the International Monetary Fund to consider new regulations that would prevent such private companies from bypassing international debt rules and pursuing debts from the world's poorest nations.
Yours sincerely,
Adam Nazir Ahmed Teladia
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