British Court Tells Liberia to Pay 1978 Debt
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(No Ratings Yet) Loading ...By Adebayo Somuyiwa
Published: November 28, 2009
British Court Tells Liberia to Pay 1978 Debt
By Adebayo Somuyiwa
A British court ruled yesterday that Liberia has to pay over 20 million US dollars to two Caribbean-registered investment funds for debts that are more than 30 years old. The figure corresponds to around five per cent of Liberia’s total budget for 2009, according to the BBC. Details of the case have not been released, but according to the BBC the sum refers to a 6.5 million US dollar loan that Liberia took from the US-based Chemical Bank in 1978. Critics have described the two investment funds, Hamsah Investments and Wall Capital, as “vultures” for buying up government debts and pursuing them through international courts. Liberia has said it cannot afford to pay the money and accused the funds of profiting from poverty.
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