The Legal Committee of Individual Bondholders Forum has announced that it is currently assessing various legal options before potentially taking action in court to secure exemption from the ongoing Domestic Debt Exchange (DDE) program.
The committee has stated that it would be premature to proceed with legal action at this stage. This comes as the Technical Committee, tasked with further engagement with individual bondholders regarding their inclusion in the DDE program, enters its third day of meetings on January 23rd.
The spokesperson for the Legal Committee, Thelma Tawiah, commented that “having conducted our analysis, we feel that it might be too early to go to court right now because our legal rights or cause of action has not yet accrued.”
Tawiah added that “the government has repeatedly stated that the DDE is voluntary, and if bondholders choose to pursue legal action, the response will likely be that the program is voluntary. Thus, proceeding with legal action at this stage would likely be a futile endeavor.”
In related news, government sources have indicated that a deal has been reached with banks and insurance firms under the DDE program. Additionally, changes have been made to the Invitation for Exchange for individual bondholders and pensioners.
