Financial Times FT.com

Africa

Vultures unlikely allies in anti-graft cause

By Alan Beattie

Published: July 18 2007 03:00 | Last updated: July 18 2007 03:00

The sometimes secretive activities of those who make a business of suing bankrupt governments of developing countries are rarely associated with campaigns for transparency and openness.

Development campaigners such as Oxfam and the Jubilee Debt Campaign inveigh against so-called vulture funds that buy up defaulted sovereign debt cheaply and use high-powered lawyers and novel legal avenues to sue for full repayment. But when the government in question is mired in allegations of mismanagement and corruption, the issues can become blurred.

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