Chief Minister Terry Le Sueur has revealed that senior Law Officers, top-ranking civil servants and finance experts have met to look at whether so-called vulture funds should be allowed to use Island courts to chase debts.
The funds buy up the debts of developing countries for a fraction of the amount owed and then aggressively pursue the debtors through the courts to recover as much as possible. Some of the debts date back to the 1980s, with nations having already paid back the original figure borrowed several times over.
• See Monday’s JEP for the full report
