Wednesday, 25 February 2015

UK Watchdog Warns about Ftradition, a Suspected Seychelles Clone

The UK’s Financial Conduct Authority (FCA) issued a warning to the public today against another broker it calls a clone firm. The regulator says FTradition (or Forex Tradition) is passing itself off as a member of the Tradition Group, an international group of brokers that is FCA authorised.

In December 2014, the Netherlands Authority for the Financial Markets (AFM) also issued a warning against the unlicensed Seychelles broker. The Dutch financial watchdog warned European investors not to respond to offers from Ftradition as the company is suspected of being a boiler room. A boiler room, the AFM explains, is a collective term for fraudulent individuals and organizations using “clever salespeople” to call potential investors to pressure them into buying shares that promise high returns (cold calling).
The FCA warns against trusting cold calls from the broker but does not claim reports of it happening. AFM has said in the past that it found that Ftradition Ltd. approached people without being asked for the purpose of offering them investment proposals.

Ftradition claims to offer “Stock Exchange Products” on its website but in some sections it also calls itself “ForexTradition.” At any rate, the broker seems to focus mostly on CFDs. Additionally, Ftradition says it is located in Mahe, Seychelles but the website domain address is registered by a company in France and it has a UK office branch. That might explain the European involvement.
As for the investment offers, the Dutch regulator said that: “In reality the shares are either worthless or non-existent.” The AFM has also established that Ftradition Ltd. does not have any European-compliant financial licenses.

http://forexmagnates.com/uk-watchdog-warns-ftradition-suspected-seychelles-clone/

Saturday, 21 February 2015

Sri Lanka shares more info on Rajapaksa deals


2015-02-21

Sri Lanka has shared more information with India on the billions of dollars that its new government alleges members of the previous regime headed by Mahinda Rajapaksa had stashed abroad, to support the island nation's request for New Delhi's help to set up a Financial Intelligence Unit to trace the money.
During his India trip earlier this week, new Sri Lankan President Maithripala Sirisena told the Indian leadership about accounts in tax havens such as the St Martin Islands, Hong Kong, Macau and Seychelles where he claimed much of the money had been moved to, government officials privy to the discussions told ET. Sirisena also informed Prime Minister Narendra Modi and other Indian leaders about investments that were allegedly made by the Rajapaksa family in real-estate projects in Dubai, Uganda and Kenya, the officials said.

Sirisena indicated that his government was very serious about pursuing corruption charges against the former president and that it has set up a commission to investigate the charges. As per diplomatic sources, Lankan Foreign Minister Mangala Samaraweera also sought US help in unearthing the money, during his trip there on February 11-15.

Sirisena and the coalition of parties led by him had made corruption a key issue in their successful January election campaign and are moving quickly to fulfil promises.
According to them, powerful figures in the previous government had stashed away $5 billion. The Lankan Cabinet has appointed a high-powered "rapid response team" to look into allegations of corruption in land transactions, stock market price-fixing and abuse of state funds for political purposes. Rajapaksa hasn't yet commented on the allegations.

Officials also pointed out that the meeting between Sirisena and Modi was extremely cordial, which was in stark contrast to interactions with Rajapaksa. New Delhi had been wary about Colombo's close ties under Rajapaksa with Beijing. Sirisena has apparently indicated willingness to correct the China tilt, officials said.
"Rajapaksa, ignoring India's security concerns, continued to deepen defence cooperation with the Chinese government and was even willing to elevate Sino-Sri Lanka relations to a strategic cooperation," an Indian official said. (The Economic Times)

Saturday, 14 February 2015

World Bank to help trace suspicious financial transactions in Seychelles

The World Bank has expressed its support to the investigations being carried out by Sri Lankan authorities into many suspicious financial transactions that had taken place between several Sri Lankan nationals and the Seychelles.
Deputy Foreign Minister Ajith P. Perera said that he had met the acting ambassador of the Seychelles in Sri Lanka Condret Meridet, where the Acting Ambassador had expressed his full support to the investigations as well.
Previous reports had claimed that several deals made by former President Mahinda Rajapaksa with the Seychelles are suspicious in nature. In response, the government of Seychelles announced that it would also support in the investigations if a formal request is made by Sri Lankan authorities.

http://lankaherald.com

Tuesday, 10 February 2015

Moves to bring back Rajapaksa's black money from Seychelles

Harsha De Silva
10 February 2015
Talks are underway with consultants of the World Bank to bring back to Sri Lanka money that was deposited in the Seychelles by the Rajapaksa family, deputy minister of Policy Planning and Economic Development Harsha de Silva said.
In an interview with the BBC’s Sinhala service Sandeshya, De Silva said the money had been invested in illegal ventures.
“Anyone knows that the Seychelles is a place where black money is turned into white money. Although the population there is just 60,000, there are over one hundred thousand enterprises. It means one person has two or three business ventures. This is because there is one business inside another business. To get back the money taken away from Sri Lanka we are seeking the services of consultants of the World Bank. We are currently holding discussions with them. We hope to seek the assistance of India to bring back to Sri Lanka the stolen money and hunt down the culprits”, said De Silva.
He also said that his ministry was looking into reports that a mafia was calling the shots at the stock market and that anyone involved in any nefarious activities will be brought to book.
(courtesy Sandeshaya)

 http://www.srilankamirror.com

Friday, 6 February 2015

Cronyism At Seychelles Chamber Of Commerce And Industry


SCCI Chairman Marco Francis


I Peter J. Roselie, have tendered my resignation from the Council of the Seychelles Chamber of Commerce & Industry last night in the Council Meeting. I grew up with my grannie and she taught me that in life you have to be sincere, honest and stand out with humility. Over the last two years the bunch of desperados who have been running the affairs of the Chamber have been taking some of us for fools, As an accountant, I have a fiduciary responsibility to be transparent and accountable. By questioning the way the accounts were prepared and submitted to the Auditor without proper procedures, I was taken to task by some swadizan respected lawyers, and one particular greedy opportunist. The next election membership list was fraudulently manipulated by some councillors for the only sake of surviving and staying on as a councillors. Some merely attended council meetings. They were there with hundreds of new businesses to be registered with proxy powers. Some businesses did not even have complete information. I hope The SRC under its vast powers should ask or impound documents from the Secretary General to see how many businesses are being operated in Seychelles without paying taxes. not even registered on their system. I join SCCI council two years ago as I have always considered SCCI to be once a grand blanc affairs, then a big businessMEN affairs and lately a Misisippi Masala affairs, My mistake was to join a band on cowboys that uses politicks and fraudulent tactics to swim their way upwards. SO sad, I join as I wanted to give the SME's a voice as I consider them to be contributing significantly towards GDP. Our dear chairman is an uncapable and uncompetent leader who surrounds himself with powerful politicians and cronies just for his own financial benefits and mileage with hidden agenda. He needs to go to af to follow DELF or DALF first. Again so sad, as I would like to thank everybody in Government, Authorities, Boards and Committees who accepted me and well received my contributions and opinion. My fellow SME's tenir, pa dekouraze, We shall overcome and find another solution for your representation. Those boot lickers still on board, you know who you are, tenir kontinyen tete, en zour ice cake pou fini lo baton, zot pou bezwen tete zot pous. SG with all due respect, deliver yourselves from mental torture and devils den. The last few remaining staff of the secretariat thank you for your support. Thank you all. My late father Harry Finlay Roselie per foundater SIUP, (RIP) thank you for giving me that genome. ..."When things are not right you need to stand up a say deal pa bon... and then you quit and move on...." Im moving on Morons, watch my next move. What about the National Assembly. jajajajaja. Happiness and success build a mAn. Greed creates an unhappy monster always watching their backs. I Love Seychelles. mon pei bijoux.

Christopher Gill

Christopher during the 10 day's we spent together in October 2014 during Indian ocean economic forum in the Comoros I sincerely opened up my opinion on the way things were being manage @ SCCI and you convinced me to stay on and on our last meal we had together in Mauritius,before heading home, I did managed to convince you that the leadership style engaged was wrong. So that's what happened as @I can't let people who are more kouyon than me to insult my intelligence. With regards to my profession I am duty bound as my fiduciary responsibilities to question and report that the financial statement that I have been elected to protect gives a true and fair view and representation of the financial records due to be presented to the members of the association. If I have doubts on its fundamentaIs and procedures as laid down by international accounting standards and the Seychelles Association Act I should qualify the financial statements as misrepresentation and fraudulent. Councillor Palani's and I objected and they put the motion to a vote, councillor Andre as the treasurer abstained as he was not consulted to sign the accounts before forwarding to the SCCI's auditor. The chairman on his wish had already sent the same to the auditor before council had given its approval. Bad bouldo for me to swallow. Marco Francis is not an accountant and yet he managed with all his lieutenants to bulldoze the motion forward. I'll see you Saturday bro take care I'm done and strategizing. The questions now is: should the auditor general be PE get ladan as SCCI fundings comes from the consolidated funds and what about the registrar general, the guardian of Association Act which has been violated; hope and better not. Jajaja
 

Wednesday, 4 February 2015

India to help Sri Lanka trace billions stashed abroad by Mahinda Rajapaksa

NEW DELHI: India will help Sri Lanka set up a finance intelligence unit (FIU)-like entity in the island nation at Colombo's request to trace more than $5 billion allegedly stashed overseas by the erstwhile Rajapaksa regime.
President Maithripala Sirisena is moving to fulfill electoral promises to check corruption and repatriate money allegedly siphoned off abroad by Mahinda Rajapaksa, who ruled Sri Lanka for a decade, and members of his family, government sources told ET.


The new Lankan regime has informally approached the Narendra Modi government to assist in setting up the body, sources said, adding that a formal proposal could be expected soon.
The finance ministry will share its best practices with Colombo to set up the unit, which could be modelled after the Indian body, the sources indicated.

"We could help close neighbour Sri Lanka with capacity building exercise regarding FIU," said an official familiar with the process.
India set up the FIU in November 2004 as a national agency to receive, process, analyse and disseminate information related to suspect financial transactions. It coordinates and strengthens efforts of national and international intelligence, investigation and enforcement agencies in pursuing global efforts against money laundering and related crimes, reporting directly to the finance minister. Last November, FIUIndia and its Australian counterpart decided to jointly crack down on international financial crimes.
India could also consider a formal proposal from Colombo seeking the Reserve Bank of India's expertise in tracing money allegedly hoarded in tax havens. The Sirisena government has also sought help from the World Bank and the International Monetary Fund in locating this hidden wealth to expose the alleged corruption of the previous regime. The Sri Lankan government does not possess this expertise, according to Health Minister and cabinet spokesman Rajitha Senaratne.
Relations between New Delhi and Colombo have picked up pace less than a month after the change of guard in the island nation.
After the visit of Lankan Foreign Minister Mangala Samaraweera last month, his Indian counterpart Sushma Swaraj is scheduled to visit Colombo this month. The new President has chosen New Delhi as his first destination abroad and will be here in February. This will be followed by Modi's trip to Colombo in March - the first by an Indian PM on a stand-alone bilateral visit in 26 years.

Sirisena, who handed Rajapaksa a surprise defeat in the January 8 polls, has alleged that the former President and his immediate family had siphoned $5.38 billion from public coffers. Sources from Colombo told ET that high-level corruption was one the key reasons for Rajapaksa's rout. Several members of his family held ministerial positions or controlled state-run corporations.
Sri Lanka's economy expanded 7.3% to $67.1 billion in 2013, according to data on the World Bank website.
The new government has started reforming various government institutions, including regulators allegedly made defunct by the previous regime. Lanka's anti-corruption body has issued overseas travel bans on former central bank governor Nivard Cabraal and Sajin de Vass Gunawardena, a key Rajapaksa assistant, pending a corruption investigation.
Led by Prime Minister Ranil Wickremasinghe, the new Cabinet has appointed a high-powered "rapid response team" to look into corrupt land transactions, stock market price-fixing and the abuse of state funds for political purposes. According to Energy Minister Champika Ranawaka, a preliminary study by a local university showed the cost of new road construction in Sri Lanka in 2013 had been inflated by $1.53 billion. Rajapaksa was the minister in charge of highways, finance and ports. The government will review mega projects awarded to Chinese companies, including a $1.4-billion port city near Colombo harbour. 

http://articles.economictimes.indiatimes.com/2015-02-03/news/58751761_1_mahinda-rajapaksa-colombo-rajitha-senaratne