Attac Jersey is a Member of the International Tax Justice Network. We are Members of the Association for the Taxation of financial Transactions for the Benefit of Citizens, (ATTAC) and the Tax Justice Network, (TJN). The aims of both organisations are to research, educate and campaign to further public awareness. We are seeking to alleviate poverty through the creation of just taxation systems to fund social goods.

Wednesday, August 17, 2011



FROM: WANTED IN EUROPE


JERSEY NEWS

Economy: Jersey to act on vulture funds
Tuesday, July 5th 2011
An official inquiry has been launched into Jersey’s role in forcing third world countries to pay millions of pounds in crippling debt.
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 Jersey 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 though 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.
In the past few weeks pressure has been mounting in Jersey to review the actions of the Royal Court after the UK clamped down on vulture funds.
Campaigners from the UK lobby group, Jubilee Debt Campaign, are now calling on supporters to write to the States demanding action.
In Jersey the issue is being championed by Deputy Daniel Wimberley, who is concerned about a serious risk of major damage to the reputation of the finance industry if the Royal Court is used in this way. He said that the whole thing was ’obscene’.
Wimberley's comments follow a judgment in which the Royal Court found in favour of FG Hemisphere and ordered that the Democratic Republic of Congo pay a debt of $110m. The case is now in the appeal courts, and judgment is expected later this month.
A statement released by the Chief Minister’s department said that the government was aware that the UK wanted to stop vulture funds extracting "harsh and inequitable payments from poor countries for debts that have, in many cases, been bought for a fraction of the cost."
The UK has made permanent a temporary law enacted last year which limited the amount a fund could claw back. The Chief Minister’s statement said that Jersey had been waiting to see what action the UK took before deciding what to do. The Jersey working party hoped soon to submit proposals for consultation.
link:
http://www.wantedineurope.com/content/news/news.php?id_n=8229#.TkwQ1TQaB3A.gmail


VULTURE FUNDS,      


AS A REMINDER THAT NOTHING HAS BEEN DONE TO CHANGE THE SITUATION IN JERSEY:


an excellent blog to remind everyone what is still going on.


link:


http://tomgruchy.blogspot.com/2010/11/jersey-vultures.html

Saturday, August 13, 2011




VULTURE FUNDS


 Bankers and others have been buying up outstanding debts owed by some developing countries and using law courts (including jersey's Royal Court) to enforce payment at the original value of the debt.

What is particularly unpleasant about this practice is that much of this debt had been partially written off through the process of international debt restructuring, which partly explains why the bankers were able to buy the debt cheap in the first place.

In summary, the vulture funds (many of which have bankers hidden
behind them) are forcing poor countries to pay long standing debts
that many of us had hoped were written off.

And they are using Jersey's Royal Court to enforce settlement because -- in the case of  Congo -- a partly state owned mining company has a Jersey-based  subsidiary.

John Christensen.  Director of the Tax Justice Network. 


 

A report  by the Tax Justice Network, Jubilee Debt, Christian Aid and Global Witness is due out very soon regarding the extractive industries operating in developing countries, with a particular focus on the Congo.  
 

Monday, August 8, 2011

IT'S CRISIS TIME FOR JERSEY
Senator Stuart Syvret to join former 'Monarch' in Hollywood elections.



By Deputy Monty Tadier


 Live Link:    http://mtadier.blogspot.com/2011/08/its-crisis-time-for-jersey-senator.html

Thursday, August 4, 2011

C.I. VAT abuse can be ended by UK whenever it likes, EU says.


By: Tax Research UK, Director Richard Murphy


Live Link:  www.taxresearch.org.uk/Blog/2011/08/04/channel-islands-vat-abuse-can-be-ended-by-uk-whenever-it-likes-eu-says/