... it is highly unconscionable to say the least when one looks at the repercussions of the British Court ruling against the Zambian Government. While it might be legally amoral for the ruling to be right based on Zambia’s contractual obligations, it is highly unscrupulous because most of these private “vulture funds” are simply predatory venture capitalists.

In their predatory mode, they wine and dine government officials days before contracts are signed and the poor governments end up with obligations they could have otherwise not entered into had their dignitaries been sober. They also use unacceptable deceptive lending practices that are illegal in their own countries of origin.

While the end result, is a legally binding contractual obligation on the part of debtor that can legally be challenged based on a number of circumstantial grounds, the burden of proof lies in substantiation which is hard given the fact that most such governments change officials without notice and proper handover modus operandi.

Brainwave R Mumba, Sr.
CEO & President – Zambian Chronicle
www.zambianchronicle.com