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Vulture fund loses case

Privy council rules against FG Hemisphere

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PHOTO: Jubilee Debt Campaign

Jubilee Debt Campaign mark a surprise decision by the UK privy council, on 18 July, ruling against vulture fund FG Hemisphere, which had tried to sue the Democratic Republic of Congo’s state mining company in a Jersey court for $100 million. (FG Hemisphere bought the debt for just $3 million.) Vuture funds profit by buying cheaply  and then pursuing the debts of impoverished countries.