Recently, the Minister of Finance, Mr. Pierre Laporte, grouped with his Principal Secretary, Mr. Steve Fanny, who was caretaker of every single offshore company and offshore bank, in Seychelles for years, and the Governor of the Central Bank Caroline Abel, held a press conference on the Seychelles economy, to attempt to calm the nerves of the general public.
As usual, our publication company, SESELWA PUBLICATION was not invited, in order to best defer the real questions and keep things in silent mode, to possibly attempt to fool the public. Possibly, I say.
Attempt To Placate Panic
Clearly, Mr. Laporte’s purpose of the press conference was to contain and attempt to placate panic in the Seychelles financial markets after the Central Bank intervened into the currency markets to stabilize the Seychelles Rupee against the Pound Sterling, Euro, and United States Dollar as it had devalued by as much as 40% in Six (6) months, and the general public was losing confidence in the fragile Seychelles Rupee.
Inflation has also been biting the consumer at 8.9% monthly now.
Seychelles Had 2 ½ Months Reserve For Food Imports Once Upon A Time
As part of the IMF program, Seychelles was to build up reserves of hard currency, to cope with the repayment of the loans and Lehman Brother bonds it borrowed, during the one party state and the reintroduction of transition to multi party democracy from 1992 onwards, which it defaulted on in August 2008.
Unfortunately, after all that borrowing, Seychelles is still in transition politically, and has not completed a transition to democracy according to the Commonwealth.
Our financial situation, is as bad, as our political affairs, when we were a one party state dictatorship, in spite of all the financial assistance Seychelles has received over the years, and the haircuts granted, and grace period for repayment granted.
Two (2) months ago, the Central Bank tapped into national hard currency reserves, and they will tap into them again in October, very likely.
Reserves for a country, is what savings is to a family. For our currency markets to remain stable, Seychelles needs 12 months reserves, not 12 days reserves, which is where Mr. Laporte and Miss Abel are taking us.
Where Is The Money?
Mr. Michel the President of frolic and lack of concrete action on the economy, spoke, with mouth full, on his policy of Foreign Direct Investment (FDI)for years . He said his government had $4 Billion in FDI coming into Seychelles, which will pay off our debts, and make Seychellois all rich. This was in 2004, 2005,2006, 2007, early 2008.
Today, in 2012, where are we under Mr. Michel and his SPPFPL?
By the time debt repayment was to start, Seychelles should have had 12 months reserves. Well, today Seychelles does not have 12 months reserves. She has only 1 ½ months reserve. This means she has reserves for food imports for 45 days only.
This is a gross exposure of the failed policies of James Michel Administration. It slam dunks James Michel’s fancy words and fake policies, like a Michael Jordan “Air Nike” slam dunk!
After all these land sales to Arabs, where is the money, Mr. Michel?
After sanctioning all these island sales to Arabs, where is the money?
After Khalifa investing in Seychelles, where is the money?
After Michel’s Arab friends built all the hotels like Four Seasons (promised to employ all local staff, but has not); Kempenski Resort (Ex-Plantation scammed off the Davidson Family); Raffles ( after destroying a wonderful natural site and scarring Praslin’s reputation as un-spoilt forever), where is the money?
After Michel embarked on the Eden Island project, where today, men drive around on golf carts wearing robes and tunics, in a tropical island, where everyone should be wearing a bikini or a tropical shirt, or a wrap to the yacht club. Where is the money?
SWISS NATIONAL BANK DECLARATION
Well, we are waiting for Mr. Laporte to tell us on behalf of Mr. Michel, where all that FDI investment is, and where all the revenue is from all this invincible FDI.
For the meantime, the Swiss National Bank- Governor of Central Bank has disclosed that he has $2.1Billion in deposits in his national banks from Seychelles citizens.
The question to be posed of course is has the Michel Administration been helping money launderers with Seychelles passports? Recently, Two North Korean generals were caught in Hong Kong with Seychelles passports. They were attempting to buy arms and weapons.
Has the Michel Administration been covertly assisting commercial banks and off shore banks in Seychelles, to launder money? After all, $2.1 Billion is not easy to move around the world, unless it is state sanctioned. Nouvobanq, which government of Seychelles is a main shareholder, has numbered accounts, controlled by the very Central Bank Mr. Laporte comes from, and Caroline Abel administers currently.
These big hotel projects, are they bringing money to Seychelles, or laundering money? Is it not time to prosecute these interests under law?
No wonder why when they call a press conference, they are all giggling, and making funny faces, when the People of Seychelles are suffering so much, in such difficult times.
People of Seychelles, must open their eyes to see why they suffer. People of Seychelles must ask PL if why they do not see, that what they are doing to Seychelles and her bona fide people is wrong, wrong, wrong.
Sesel Pou Seselwa!
May God Bless All Freedom Loving Seychellois!