Financial Times FT.com

African plan to keep vulture funds at bay

ByWilliam Wallis and Michael Peel in London

Published: June 30 2009 02:37 | Last updated: June 30 2009 02:37

The African Development Bank launched a legal support organisation on Monday designed to level the playing field for cash-strapped African states negotiating complex commercial transactions or facing litigation by vulture funds.

The Africa Legal Support facility will provide funding and advice so that African governments are not at a disadvantage for lack of top level legal representation when subject to predatory debt claims.

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