Sunday, 18 January 2015

Who Are The Looters In Seychelles? US $ 2.39 Billion Stashed In Swiss Banks Accounts

January 18, 2015 

VENTURES AFRICA – Three days ago, the Swiss National Bank slashed its official interest rate to -0.75 percent; that move, made in faraway Europe, has enormous repercussions for Africans seeking to hide funds there. The Swiss apex bank did not make the move with African looters particularly in mind; the negative interest rate is part of their battle tool against the currency overvaluation which causes their exports to be a lot more expensive. However, with Swiss banks the favourite hub for Africa’s illegal capital flight, the new measure will hurt the stolen funds and those ferrying them.
Swiss banks receive an estimated $150 billion of funds from Africa annually, most of it illegal. But the new measures could lead to a reduction in those figures. Switzerland has in recent years repatriated billions of dollars stashed in its banks to clear up its image, among them around $700 million dollars laundered by former Nigerian dictator Sani Abacha. Now the country is trying to reduce the attractiveness of its banking services, because, ironically, the huge desire for Swiss banks is hurting the country.
Everyone loves to keep money in Switzerland—from African looters to western investors—because its assets, denominated in Swiss francs, is considered a safe haven due to the unsteadiness of the global financial markets. Thus, those who store money in Switzerland’s local currency are certain the value of their investments will not depreciate, in fact it’s guaranteed to appreciate, unlike in Nigeria, for example, where the current oil revenue crises show how vulnerable the country’s financial market is.
But Switzerland is becoming a victim of this global confidence in its financial system. The recent investors throng to the Swiss financial sector, caused in part by the Eurozone crisis, to which the country does not belong, has greatly strengthened the Swiss franc. While this would have been a good thing for the frail South African Rand or Ghana’s Cedi, it is bad news for the European heavyweight. A higher value of the Swiss franc makes the goods produced by Swiss companies more expensive to export.
First action of the Swiss National Bank (that’s like their Central Bank) was to cap the value of a franc at 1.20 per euro. Then they lowered the short-term interest rate from -0.25% to -0.75%. According to the Business Insider, “the Swiss National Bank’s move is nothing short of a revolution in the world of finance: no central bank has ever set its official interest so low. In pushing rates so far into negative territory, it is consciously destroying the value of investments in the franc in an effort to scare off ‘hot money’ that has flooded the country in search of a ‘safe haven’ from turbulent global markets.” In essence, the business new website said in a separate article, “they raised the penalty for stashing money there.”
Here are some of the stashers: as at 2011, $1.46 trillion (1.53 trillion Swiss francs) of African money was held in Swiss banks according to a Swiss National Bank (SNB) report. Seychelles ($2.39 billion), Egypt ($760 million) and South Africa ($757 million) are the top African countries whose nationals have stashed away millions of dollars in the country’s banks.

Source: ventures-africa

8 comments:

  1. Swiss government has beem pursuing a forward~looking policy when it comes to blocking and returning stolen State Assets.E,g,when the Arab Spring brought Ben Ali and Mubarak down,swizerland was the first to blocked suspected accounts held by zhe two Dictators.
    Swizerland government has repeatedly says,zhat it can provide details to any state who asks for it in 24 hours,it is up for the government in question to simply asks for it.Of course Pl has no intention of asking for the money back for they are zhe culprit of this stolen bounty.

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  2. Are the Opposition ready to stop Pl looting our Future?Coul they finally unite to weigh on Pl and finally end its cling to power?

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    1. As the popular phrase goes "united we stand, divided we fall".

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  3. Pl like Rajapaska has given themsevlves a licence to loot and plunder National Capital
    The is staggering.....this is fat more of our Capital Reserves and 1000 times more our currenr external Debt.
    This scourge,has eaten,into the country!s GDP of Seychelles,draining Foreign Exchange reserves and investment inflow and worsening poverty.The costs of this financial haemorrhage have been significant for Seychelles.It has heightened income inequality and jeopardize enployment and development projects.
    SKEWING INCOME DISTRIBUTION~~The,enormity of outflow explains why Donor~driven efforts to spur economic development and get us out of recession have not achieved their objectives.Some day ,pl like Rajapaska would have to face their crimes.
    .

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  4. Talks on Liberty at Language francaise institution---A the French guy says"Liberty is a funadamental right in Frnech" Liberty is a funda^mental Human rights be it French,Uk it should be apply to humanity......Pl wants to tlak about liberty---Seychellois who long kows what liberty is all about want their liberty to be respected fully by Pl,not talks.And can communists who abuse human rights lecture Seychellois on liberty?FO course not---Seychellois wanted democracy to protect their liberty while Pl thugs robbed Seychellois liberty ans imposed slavery.

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  5. INDAI to help with training POLICE PL tells us.WeLL Indian has one of the worse police in the world...corrupt,easy to bribe ,under professional.......what we need in not Indain ,Pakistanis or else....what is needed is to send Young educated Seychellois Like it was the case of TED BARBER into western police School,in western Universities etc.....Indian police have not for instance ben able to apprehend one single rapers in the long lists of rape cases that take place on qa daily bases in India......Give us a break Pl....with your Indians.....

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  6. Pl terrosits have unilaterally decided to desatory Pirate Arms a Seychelles Heritage to probably allow foregin Friends,Arabs to build their own fantasy world as part of Victoria Masterplan illegal project that no Seychellois has seen or approve but being dictate of us by Pl thugs and Arbs who thinks Seychelles belongs to them ,And >Victoria City is their private ownership and not the Captial city of Seychellois Nation.Pl and Arabs have illegally prrapredMasterplan to create theirown desney world and fantasy without Seychellois say,decsion amkinf or participation.....All is illegall and as in Rajapaksa case ..when construction will started all big contracts would be given to foreign companies many not registered in Seychelles in order to facilitate money luanderying ,corruption, embezellment etc... by Pl thugs as it has been the case for decades......Indain contruction frims will be given contracts,allow to import thousands of Indains...and over.budget the contracts ,using bad quality raw material to reduce cost in order that they can pocket the difference.

    Seychellois must protest against any modification of thewir CAPTIAL by Arabs and Pl,,,and any projects that have not had their participation,the decision,approval ....In Seychelles the allows Referendum--so if Pl wants to Know what they think about Victoria MAsterplan it should hold a REFERUENDUM---or Pl donot take the riskes of having your heads b.own in 2016 donkeys.

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  7. Ruthless despot and terrorist main sponsor abulla on Saudi arabia passed away.Michel literally call him a saint.Abulla through the decades have sponsored Hamas,Hisbolla and many other terrorists,that Michel call his a holyman is an insult to voctims.

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