30 June 2011

Pirate stock exchange helps fund hijackings

From the Society for International Development:

Source: Financial Post

According to Mohamed Ahmed, Reuters, in Somalia’s main pirate lair of Haradheere, the sea gangs have set up a cooperative to fund their hijackings offshore, a sort of stock exchange meets criminal syndicate.[... ] It is a lucrative business that has drawn financiers from the Somali diaspora and other nations and now the gangs in Haradheere have set up an exchange to manage their investments. “The shares are open to all and everybody can take part, whether personally at sea or on land by providing cash, weapons or useful materials … we’ve made piracy a community activity.” full article

A flourishing economy in a power vacuum…who would benefit from a change?

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