Gross Obstruction of the Seychelles Central Bank Statutory Independence !

Pierre Laporte Paid a schizophrenic salary??

Last week, a letter circulated by some professionals questioning the “double pay” Minister Pierre Laporte was receiving as a Minister of Finance plus a additional pay from his departing post as Governor of the Central Bank.

Apparently, this fellow Mr. Laporte (door in French), was an IMF staffer in Malawi Africa, and then came to Seychelles to help with the financial collapse in 2008.

At the onset, he presented himself as “Mr. Clean”, which was not hard to do when sized up with Mr. Francis Chang-Leng, Ex- Governor of the Central Bank, who was abruptly released of duties after a number of articles I wrote at the time.

Francis Chang Leng (Junk Bond Establishment)

Severance Pay  My A$$!

In it’s defense, the Central Bank says, the money paid to Mr. Laporte, is “severance pay” that is paid monthly to Mr. Laporte, because he had been asked by Mr. President James Michel to take up the post of Minister of Finance, prior in time to the expiry term of his Six (6) year contract.

Why would the Central Bank of Seychelles, pay severance pay by installments? Because it cannot afford to pay severance within the course of one (1) month.  That means the Central Bank , on Mr. Laporte’s departure, was broke and in the red, it could not fully meet it’s obligations to Mr. Laporte, if any were do. I doubt there was, because leaving the Central Bank for a government ministry post, would violate the independence of the Governor, and would render contract in breach, by Mr. Laporte.

In any case, if the Central Bank of Seychelles, is broke, and it must resort to installments on a contractual severance, then Mr. Laporte, should not have been entitled to severance pay for a job well done in the first place. He should have been fired, by the Board of Governors.

Instead, they allowed him to be appointed Minister of Finance by the Executive Branch. This means he was really doing a reasonable job in PL eyes, and there must be no need for installments of pay on severance. 

It is of course, all a scam, the Central Bank is taking Seychellois for idiots when it says the installment is a severance pay.

In my view, all this shows that we could never  trust Mr. Laporte to retrieve the missing $2.5 Billion IMF says left Seychelles, and the $2.1 Billion the Swiss National Bank says it has in its account from Seychelles Citizens. We will have to make a request to the Swiss National Banks ourselves.

 Paul Chow (Ralph I Told You So)

Central Bank Statutorily Independent

Mr. Paul Chow correctly and dutifully, highlighted in a letter to Today, September 15^th, 2012, that under the Central Bank Act, the Central Bank Governor must be independent of the Executive Branch of government. The Board of the Bank pays salaries, and not the President of the Executive Branch.

Hence, taking instruction from the Executive Branch, to secure the post of Ministry of Finance at the will and beckon of the President, Mr. Laporte violated the Central Bank Act.  It is a shame. 

It shows he was working for Michel Administration all along. This exposes, he lacked independence, and hence, violates the Central Bank Act.

While Mr. Chow correctly says this makes a mockery of the Central Bank Act, I believe, it does more than just that: it places in jeopardy the strength of the Seychelles Rupee and the stability of our economy which all investors, all citizens, be they bona fide or fraudulent, rely on, for a living. The stability factor, needed from Independence of a Central Bank for an economy to work well, has been severely compromised. 

Perhaps that explains why the Central Bank is back tracking, and tapping into food reserves to prop up the failing Seychelles Rupee. Just over a month and a half, it is now depreciating again. Tap into another $100 Million to keep it going thru October.

 Securing A Frequent Flyer Card By (Wavel, John, Charles Ramkalawan)

Who are we going to Trust? 

Unfortunately, few people can write on this issue. The SNP asked me to write about it, because they cannot sign their names to such an article. They double dipped a pension scheme of 70% of their last salary for the rest of their lives. For Example, Mr. Wavel Ramkalawan, has taken over Scr. 530,000.00 in pension pay offs since the National Assembly was dissolved . Can he critic Mr. Laporte for a unearned /unwarranted severance pay? Unlikely, since when Mr. Ramkalawan has lived his life, he would have walked off with more money then Mr. Laporte could ever scam as severance pay from the Central Bank.

I will write, and I will sign. I will even add my picture to the article. I will not disclaim anything, because I am Independent. 

People of Seychelles, this is no time to hide and walk the fence, when people are stealing money right under our noses and they call it “accountable and transparent”.

In silence, we pay the price.

We can disclaim a lot of things, but we can never disclaim an opinion. That is pathetic indeed.

May God Bless All Freedom Loving Seychellois!

Seselwa Unite!

Sesel Pou Seselwa!