Legislation to prevent the Isle of Man being used by ‘vulture funds’ to exploit the debts of some of the world’s poorest countries has this week received Royal Assent.
The Heavily Indebted Poor Countries (Limitation on Debt Recovery) Act 2012 outlaws a practice that undermines international debt relief efforts.
The legislation prevents vulture funds from buying up poor nations’ debts for a fraction of their original amount and then using the courts to sue for the full value, plus interest and penalty charges.
Treasury Minister Eddie Teare says his department has no evidence of vulture fund activity in the Isle of Man and as an internationally responsible country we do not want it here.
Executive Director of Jubilee USA Network Eric LeCompte has backed the move.
He says we are living in a time when vulture funds are making enormous profits on the backs of the world's poorest people.
He says the people of the Isle of Man courageously have stood with the world's most vulnerable and has invited to governments around the world to do the same.
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