Wednesday, December 02, 2009

Just Another Business?

Piracy starts to act like one. Pirate stock exchange helps fund hijackings
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.
Multi-million dollar paydays where bound to have some impact.

I expect the situation to get really bad.
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.

One wealthy former pirate named Mohammed took Reuters around the small facility and said it had proved to be an important way for the pirates to win support from the local community for their operations, despite the dangers involved.
The exchange has grown from covering 15 companies to covering 72 in a year. A growth industry. [via LibertyIdeals]

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