Tuesday, February 1, 2011

Happy Birthday!!
$100 Million Charged To Government Land Days Before Seychelles Went Bankrupt
The Lease
On May 1st 2005, Mr. Patrick Lablache, signed on behalf of the Government of Seychelles, a Seventy (70) year lease for J2398 situated at Port Launay Seychelles, where Ephelia Hotel now exist, to Port Launay Resort Limited.
Mr. Guy Adam represented the company in the lease. Rent for the term is a mere One Hundred Forty Two Thousand Eight Hundred Fifty Seven Thousand and Fourteen Cents ($142,857.14) per annum or per month a mere sum of Eleven Thousand Nine Hundred Five and Seventy Five cents ($ 11,905.75).   

The area in question represents 354 acres of beach front, marsh and lush virgin mountain property. Actual Fair Market Value of this property would be exceed much more then the consideration negotiated.  To add insult to injury, Stamp Duty for the transaction was free as per Transaction Deed stamps and signatures.
Who Is Port Launay Resorts Limited
A key director with Public Officer positioning in Port Launay Resorts is Captain Guy Adam.  He is a director of SEPEC ( national oil fuel company) and has directorships of other prominent companies, including Bunson Travel, Corvina Investment (with ex-Mario Ricci company), Le Refuge du Pecheur (Lemuria Hotel), Simba Holdings ( ex- Mario Ricci Company) , Mahe Shipping ( with ex-Mario Ricci company).

The next key Public Officer who is a director of Port Launay Resorts is Mr. Glenny Savy of IDC. Mr. Savy as we know, controls all our Outer Islands as per a lease from Government of Seychelles to IDC, in 1994. Mr. Savy’s directorships include Cerf and Surf Investments, Corvina Investments ( ex- Mario Ricci company), Desroches Island Resort Limited, IDC of course, Le Refuge du Pecheur (Lemuria Hotel), Seychelles Fishing Authority, though he has resigned now, Simba Holdings ( ex Mario Ricci company).
In addition to these Two key Public Officer players, there is of course Mr. Pierre Guy Noel head of  MCB Mauritius, who is a Director of Port Launay Resorts. It is unclear if Mr. Noel made a declaration of interest in Port Launay Resorts, when MCB considered the mega loan request, as required under Mauritian laws.

Interestingly enough the nephew of deceased Mario Ricci, Alessandro Picchi, is the other director of Port Launay Resorts. He holds directorships in Corvina Investments, Corvina Management, GMR Group Conglomerate, International Pharmaceuticals (Seychelles) Limited, Mahe Shipping, and other companies. It would appear the legacy of Mr. Ricci continues to turn its web in Seychelles.
One must take note of the overlapping directorships.
Additionally, Alain Savy ( Seychellois), Jean Wheeling (Seychellois) , Adolphe Vallet ( Mauritian), Louis Rivalland ( Seychellois), and Mohamed Lodhi (Swiss) are directors. They are private persons and we take no issue with them.

Where’s The Money?
In June 2008, Two (2) months before Government of Seychelles defaulted on the second Bond installment of Three Million US Dollars ($3,000,000.00) on the Lehman Brothers Bonds, Captain Guy Adam registered a charge exceeding One Hundred Million Dollars $100,000,000.00 or EURO Sixty Million (euro 60,000,000.00) in favor of the MCB of Port Louis , Mauritius using J2398, Port Launay,  as security for the charge. The charge is a first line instrument.

At a stroke of a pen, Captain Adam turned Seychellois patrimony he obtained at a cheap price, under market price substantially at the time, into over One Hundred Million US Dollars bank facility. An incredible feat without even mortgage insurance.
Money taken for a charge usually reflects the value of the property. In this charge, no additional mortgage property was taken, nor additional account secured. The People of Seychelles, paid the price to make it happen, while we defaulted on our BONDS, and IMF stepped in to run our country. 
The money taken under charge, had to be used to build a hotel resort project. It is unclear what the shareholder contributions were or if that was required to improve the land.

People of Seychelles, open your eyes to the divesting of our interest in our patrimony before us, they usually involve a Public Officer or two.
It is they and there friends, who enjoy the benefits of the real value of our land, we get peanuts and carry the National Bankruptcy of Seychelles on our shoulders and our children’s shoulders.

Sesel Pou Seselwa!
 May God Bless All Freedom Loving Seychellois!

23 comments:

Anonymous said...

We could not pay a lousy installment on a BOND but someone took $100 Million charge on Government of Seychelles land?

Thank you SPPF PL, we are most grateful. VIKTWAR, VIKTRWA, A MEN ANKOR VIKTWAR!

Anonymous said...

Guy Adam and Gleny Savy did not only take our land but they are the same who are blocking Seychellois access to their public beaches and they are the same who have opted to import hundreds of cheap foreign labor to take seychellois jobs therefore make us poorer.These are money that form part of the 2,5 billions being hidden in swiss bank,and part of it they invest in offshore companies like Corniva in order to launder their illegally obtain wealth.We do not expect them to change unless we change them by force and get our money back.We must deal with those marrons when they still have skins on their necks.

Sesel pou Seselwa.

Jeanne D'Arc

Anonymous said...

Guy Adam and Gleny Savy did not only take our land but they are the same who are blocking Seychellois access to their public beaches and they are the same who have opted to import hundreds of cheap foreign labor to take seychellois jobs therefore make us poorer.These are money that form part of the 2,5 billions being hidden in swiss bank,and part of it they invest in offshore companies like Corniva in order to launder their illegally obtain wealth.We do not expect them to change unless we change them by force and get our money back.We must deal with those marrons when they still have skins on their necks.

Sesel pou Seselwa.

Jeanne D'Arc

Anonymous said...

Guy Adam and Gleny Savy did not only take our land but they are the same who are blocking Seychellois access to their public beaches and they are the same who have opted to import hundreds of cheap foreign labor to take seychellois jobs therefore make us poorer.These are money that form part of the 2,5 billions being hidden in swiss bank,and part of it they invest in offshore companies like Corniva in order to launder their illegally obtain wealth.We do not expect them to change unless we change them by force and get our money back.We must deal with those marrons when they still have skins on their necks.

Sesel pou Seselwa.

Jeanne D'Arc

Anonymous said...

Guy Adam and Gleny Savy did not only take our land but they are the same who are blocking Seychellois access to their public beaches and they are the same who have opted to import hundreds of cheap foreign labor to take seychellois jobs therefore make us poorer.These are money that form part of the 2,5 billions being hidden in swiss bank,and part of it they invest in offshore companies like Corniva in order to launder their illegally obtain wealth.We do not expect them to change unless we change them by force and get our money back.We must deal with those marrons when they still have skins on their necks.

Sesel pou Seselwa.

Jeanne D'Arc

Anonymous said...

It sounds like Jeanne D'arc is mad.

She has every reason to be mad.

She highlights a key point, it forms part of the missing 2.4 Billion Dollars.

From the looks of this one transaction, it is easy to phathom that $2.4 Billion is in fact missing in Seychelles banking system.

IMF was right, but the People of Seychelles must do something about it, not the IMF.

Look at Egypt. So years they were labeled the cowards of Middle East. Today, they stand proud and over throw a dictatorship in one week.

People of Seychelles must stand up to Tyranny to have a future.

Or else we will all be competing with Nepalese for security jobs at PL hotels and Sri Lankans for Butler jobs.

People of Seychelles, open your eyes.

Your country belongs ot you and no one else.

Only you can rightfully reclaim it from criminals that steal it from you at less then 5% market value per plot and pay no stamp duty.

SNP, you who approve of the Voter List and say 43% inspection is HIGH, say something or stay asleep !

The choice is yours. But I will not enrich preists who take the vow of poverty before God.

SESEL POU SESELWA!

Anonymous said...

Pp has on several occassions had the chance to alter its way,but those criminals just do not have the moral capacity to do so,the devil in them has possess their souls that they cannot even make the different between right and wrong.Since they cannot change by themselves,than we will to change them either by fair election which is impossible under a dictator or by mass protest as we've been seeing in Tunisia,Egypt,Jordan,Yemen, Algeria,etc.The people must take over their country from Michel the butcher and his handful of cronies by force if we want rapid and genuine change in this country.we can no longer tolerate the criminal activiies of those bastards,we need to end their dictationon us by force in order that we can arrest f^those crooks and bring them for justice unless they decided to suicide before being aprehended.
It is high time for a revolution .

Sesel pou Seselwa.

Jeanne D'Arc

Anonymous said...

How can the people of Seychelles deal with such issues. This is a real Ali Baba case. Here we are thinking FAR wanted to act like Robin Hood when he took over the country on 5th June 1977. Reading such article does not help my blood pressure, especially when we all know People Party is only a name change from SFFP and previously SPUP. We are dealing with the same SH** day in day out for the past 33 years. Is it time to follow in the footsteps of the Egyptians !

Anonymous said...

I beleive if Pp manipulate this coming election which have no doubt it will do for the cannot win in free ,fair and transparent election,we will have to resort to the use of the people power to make the change they deserve.Criminals should not be sitting at state house but behind bars at Montagne possee.

Seychellois must imperatively take their destiny in their own hands now it is our rights nad duty.

Sesel pou Seselwa .

Jeanne D'Arc

Anonymous said...

The Savy and Adam Family is a royal family in Seychelles.

We must enrich them as they are the symobol of our success.

Do not critic their wealth. IDC has tax free status on fuel to benefit the People of Seychelles. You should not question this.

Please attend the JJ spirit Talent Show coming up and give our Youth a chance to express themselves, under set instructions.

Sesel Pou Savy ek Adam!

JJ SA!

Anonymous said...

I will attend the show, but not this one but rather the one that will take place if Pp steal our vote in this coming election.It will be free and everybody will have the chance to express their talents on the streets all around the country. Michel should rather be concerned of where he will go into hidding to save his ass,for at the moment ,there is only one refuge left for criminals and dictators namely Saudi Arabia.As to Savy ,Adam and others the people will take care of them.

Sesel pou selswa.

Jeanne D'Arc

Anonymous said...

We should take to the streets and protest like in Egypt if MSR is not allow to participate in the election.

Anonymous said...

The talent show is a pure manipulation of youth for political gain.

Anonymous said...

We should take to the streets like Egyp but also because we have a right to freedom of expression and assembies.We have a right to cast our vote for the candidates who we think represent us and our people best.Do not steal my our votes Pp!

Sesel pou Seselwa.

Jeanne D'Arc

Anonymous said...

Ok there is $100 Million. What about the $2.5 Billion?

In whose name is that?

Anonymous said...

Porbably in the names of SAVYS^brothers,Guy Adam,FAR,and other Pp cronies.Why do i say that?If it was for persons who are not Pp cronies and collaborators,Pp after bankrupting us and in desperate need for money would have long chase those individuals to get the money.Secondly,Ernst and Youth report has not been made public because it probably shows who those thieves are.

We will need to get pp out first in order that we could have a check at those secret accounts.

jeanne D'Arc

Anonymous said...

Nice theft.

What do you think happen to Tankers?

What do you think has happen to oil and gas interest in Seychelles?

Anonymous said...

Mario Ricci is the oner....after Mr Alessandro Picchi to steal every.......................!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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