Monday, May 3, 2010

WHERE IS OUR MONEY??

THE FOLIE DE GRANDEUR OF THE SSF BUILDING

The Seychelles Pension Fund building at Le Chantier in Victoria is one white elephant that boggles the mind! It was conceived and trumpeted its way into reality with the sole purpose of siphoning off some dubious cash that the then king of the castle Francis Chang Leng had on hand. This cash is mostly taxpayers contributions to the SSF which ex governor ‘Sosis’ wanted to ‘invest’. What an investment! Probably the most ludicrous investment into concrete even made in Seychelles. The cash was mainly ‘disbursed’ to fill the bank account of architect brother of Sarah Rene as well as the ‘family’ owned Island Construction Company run for and on behalf of the crème de la crème of the SPPF / Parti Lepep. Many will recall that the financial ‘genius’ Danny Boy was also a shareholder of this construction company and had to resign.

The eyesore of a building is a total disgrace to the Victoria skyline. Taking more than three years to build, the monstrosity is now 90% unoccupied and falling to waste. This is all TAXPAYERS’ money that Chang Leng has wasted and poured down a black hole. Like his Lehman junk bonds fiasco, this venture has forever burned a hole in our pockets.

Where is our money Mr. Chang Leng? Can James Michel be accountable to this financial disaster please?

Here are the mind boggling facts of the SSF building.

1. It cost the Seychellois Pension Fund contributors (taxpayers) over Sr. 125 million. It is several stories of blemish designed with no aesthetics in mind (looks like a bunker!). It has an elevator which has never worked. No tenants apart from the ground floor and a few on the second floor.

2. There is no adequate parking space as per the building laws of Seychelles.

3. Designed by Kamal Zarquani (Albert Rene’s brother in law) and built by Island Construction (Albert Rene’s building company) without a proper tender.

4. Initial design was 4 stories and it ended up being 7 stories high again flouting the laws of Seychelles.

5. At today’s exchange rate the ‘building’ cost a whopping Scr. 195,312,000.00. With rents going for Scr. 5,000 this is barely Scr. 2,500 (based on devaluation). This is what you call a gigantic white elephant. There is not enough money to do basic maintenance on the structure and it is already falling apart.

6. Such waste would have paid for: 1000 houses or 100 clinics, or two brand new hospitals, or 30 police stations with 3 patrol cars each, or 10 new prisons, or 2 reservoirs, or 3 generators, or 12 schools or 4 universities, or 25 times complete resurfacing of all Mahe and Praslin roads etc... It could have purchased our fibre optic connections to the world, and today, we would not be lending money for it from International Financial Corporation (IFC). The connection would help all businesses in Seychelles create more wealth. This would mean more meaningful jobs beyond, just cleaning and cutting grass for Seychellois.

This monstrosity is akin to the inflated ego of the powers that be and the biggest rip off that the Seselwa have endured.

Until when are we going to continue taking all this lying down?

37 comments:

Anonymous said...

Money invested by Chang leng in this biulding,is laundered funds being brought back in to the local economy.It is probably a small fraction of our u$2,4 billion missing from our coffers.

Accountability and transparency "Parti Pirat"=PP!

Jeanne D'Arc

Anonymous said...

well chang leng got away with it didnt he?

Anonymous said...

The people of Seychelles have always been lying down!! They will never, ever have the strength to do anything about any thing! Very sad, look to Thailand, Nepal, Macau! What are the courageous people doing!! This is why where you are today!!

Anonymous said...

Hi all my brothers and sisters Rasin,just a littel bit passion.Rasin movement is on the Rise.If PP win
the next election.Than ist time to rally on the street like in Tailand Nepal etc...Like we all no PP have always manipulate vote.They have been always fraud in every election seen PP are in Power.Michel mad cow this time we will not let you.A men with no vision and peoples are leaving under oppression.Dont try to still our vote this time Micehel,because we will rally in front of State House.

Johnny

Anonymous said...

To the question:

'Until when are we going to continue taking all this lying down?'

I believe the answer is as simple as:

'Till the people officially get a worthy alternative to the PL'

One that is not a mirror image of them only in a different colour and one that the people can trust 100%.

Patrick X

Anonymous said...

7 stories high? So much for no building being higher that a coconut tree. I guess that only applies for the lower level of society.

Anonymous said...

Can you believe that little skinny prick Morgan is now bringing in Ghurkas to Seychelles to watch over prisoners at Montagne Possee? What next? First, Irish policeman. Then Australian tax men. Then so-called experts to run our Public utilities and a supermarket. Then so-called Arab investors who have carte blanche to import everything from humans to building materials all exempt from tax.

But now Morgan tells us he is bringing in Ghurkas from Nepal and Northern India? Maybe Ramados is sending in some of his remaining family members to get their passports. But seriously, this is simply mind-boggling. From a stupid president to a total idiot of a minister, this is what we have been reduced to my Seychellois friends. We seriously need to start looking at Ramkalawan, Boulle, Mancham, Gill or just about anyone else with an iota of brains to lead us out of this bloody mess that we are in.

When we cannot guard a prison and yet ex-president Rene has 50 guards wathching over him at night paid by our taxpapers money, when all ministers have bodyguards and private chauffeurs, when Leoplod Payet is building the biggest apartment complex at Providence, when prisoners simply waltz out of the gates of the Montagne Possee Prison (or Hotel), when Francis Changleng stole millions of dollars and still walks the streets of Victoria, when Mukesh Valabji the biggest thief Seychelles has ever seen drives around as if there is nothing wrong, we are truly being taken for fools by this pathetic SPPF government.

I would urge all patriotic seychellois to stand up against this corrupt SPPF government and take their votes seriously this time around and send a clear message to these SPPF idiots who have taken us for fools for far too long. Every week it is a different blunder, and yet SPPF tells us that all is well. From pirates to bankruptcy, from lies to more lies to cover up their mess, from shit up the mountains to tax-free BMWs, from Irish million dollar boats to a pathetic police force, from Michel's pathetic book to his fake medals, from SBC feeding us with lies and bullshit every night to James Michel on the TV and Nation paper every day, from one sad radio station to rapes, murders, drugs and prostitution; just how long are we going to sit around and take this bullshit?

Anonymous said...

Is that from an official statement from Joel Morgan? If so, then I am appalled and cannot understand how the peopla can put up with this kind of crap.

Let me guess, this is all done in cooperation with our beloved Irishmen who have mates that were in teh SAS and happen to have interests in hiring Ghurka's which they have trained themselves and now engage through some agency they have interests in? Am I right?

Mind you, you won't find better guards that Ghurka's, I have worked with them myself, but it's appalling if we cannot use our own soldiers to do such a job. If true, this is an insult to every single member of the SPDF, yes even those at the top.

Patrick X

Anonymous said...

Johnny say ja Chang Leng got away with it,but he did not get away with it like he think.Because his name is on our list,when PP will fall and rasin will be in Power there will be all brought to justice and they will be punish for they wrong them done.We rasin we punish criminel and we put them behind BAR all criminel should be punish,but PP are still doing they Dirty works and walk free.

Johnny

Anonymous said...

Johnny say they will bring back all our money even our 2.5 billion that in Swissbank in Basel.

Johnny

Anonymous said...

Our money is OUR money, no matter what way the PP try to hide it, launder it, steal it or use it.

Those connected or who have benefitted from these crimes should also be punished.

I therefore suggest that those of you who are reading this blog and have been involved in these criminal activities in one way or another, start thinking of how life will be behind bars one day.

Once you and your leeches realise that you will be losing power one day and all the special benefits that come with your connections, you will of course try to turn to the other side. You will pretend to be anti-PP.

Well guess what? Our eyes are open and we can smell your dirty shit a mile away.

B

Lavwa Seychelles said...

On LAVWA Seychelles today see the following link:

Talking Points - Recovery of Stolen Seselwa Rasin Patrimony

http://lavwa-seychelles.blogspot.com/2010/05/talking-points-recovery-of-stolen.htm

Anonymous said...

me wonders when exactly johnny thinks this day of reckoning for PL will come.

me says despite all the public revelations about changleng, he walks a free man today, living a life of luxury, probably from his ill gotten gains.

Anonymous said...

Johnny reply,Chang Leng is living a life of luxury ja.He can leave this luxury life for his last few mounths.After they will be all with Sophola behind BAR and smell, how a Prison smell.

Johnny

Anonymous said...

& you think he would just stick around for that?

he would run away to australia before they can put him in jail.

Anonymous said...

They will not run away,First think we will do with all of them house arest and they passport will be taken from them.If they run to Australia with false Document we will make interpol look for them. They can run but they can not hide if they can hide they can not run.Like bin Laden.ciao peace.

Johnny

Anonymous said...

MONEY LAUNDERING

WHAT IS MONEY LAUNDERING?

It is the process by which secret deposits of illegal funds move through a series of deceptive transactions designed to disguise the real origin of the sources and the individual or group involved.

HOW IS MONEY LAUNDERED?

It consists of three main phases;

1) THE PLACEMENT:The launderer introduces his illegal funds into the financial system.This can be done by breaking up large amounts of cash into less conspicious smaller sums that are than deposited directly into a bank account or by purchasing a series of monetary instruments such as cheques,money orders,bearers' bond and so on ,that are then collected and deposited into accounts at other locations.

2)THE LAYERING:At this phase,the launderer engages into a series of conversions of the laundered funds to distance them from their original sources.The funds might be channelled through,purchase,sale of investment instruments or might simply wire the funds through a series of accounts at various bank across the globe.

Having successfully processed his criminal profits through the first two phases the launderer moves to the third phase;
3)THE INTEGRITY: the illegal funds re-enter the legitimate economy. The launderer often choose to invest their illegal funds into,real estate,business ventures,luxury assets and so on.

HOW TO CRACK DOWN OF MONEY LAUNDERING?

AT NATIONAL LEVEL,this can be done by establishing comprehensive anti-money laundering regimes.Their aim is to increase awareness of the phenomen within both government and the private sector.For example,by bringing law and financial regulatory bodies together with the private sector to enable financial institutions to play a role in dealing with the problem.This means,involving the relevant authority in establishing financial transactions report system,customer identification record,keeping standard and means verifying compliance.

AT INTERNATIONAL LEVEL;the need for multilateral policy is crucial to make an impact against cross-border transactions and in dealing with the perpetrators of the crime and the whole system.A number of initiatives have already been established to tackle this phenomen,such as UN:THE BANK FOR INTERNATIONAL SETTLEMENT.EU:CONUCIL OF EUROPE to name a few.

ITS CONSEQUENCES IF LEFT UNCHECKED

Money laundering is a threat to good functioning of financial system and can be an Achilles heel for criminal activity.
The social and political costs of luandering crime can infiltrate financial institutions acquire control of large sectors of the economy through investment or offer of bribes to both public official and government.
The ecnomic and political influence of criminal organisations can weaken the social fabric of collective ethnical standards and ultimately the democratic institutions of society as a whole.

TROUKLER

Anonymous said...

THOSE who would dare to exile to Ausralia after stealing our money will be dealt with at interpol level,,through diplomatic sources and other international organisations and if all the above fail then we would send private detectives to search for them and bring them back dead or alive.

Jeanne D'Arc.

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