Monday, 26 January 2015

Sri Lankan Diplomat Recalled from Seychelles

Some second-level Foreign Service officers are in line for promotions under Foreign Minister Mangala Samaraweera’s plans to depoliticise Sri Lanka’s diplomatic corps.
The Minister said he intends to restrict the number of politically-appointed heads of missions to 19, while the country has 66 overseas missions. It was not immediately clear whether Sri Lanka had sufficient first-level Foreign Service officers to help meet this ambitious target.
“We may have to promote some of the second-level diplomats,” he told the Sunday Times. “I also think it’s high time we injected the system with some new diplomatic blood. There are a lot of talented people who may not be that old, who I feel are much more capable than the people who have been posing as ambassadors in the last few years.”

The Minister said Sri Lanka’s diplomatic corps will be completely overhauled. “It’s a dreadful mess here,” he sighed. “The politicisation is unbelievable.” Thirty-one—over half—of Sri Lanka’s missions abroad are headed by political appointees. These include consuls general. On Tuesday, letters went out to 27 heads of missions, giving them a month to report back to Colombo.
Among those recalled is former President Mahinda Rajapaksa’s cousin, Udayanga Weeratunga, who has served in Moscow for an unprecedented eight years. High Commissioner to India, Sudharshan Seneviratne will retain his post until after President Sirisena’s visit to New Delhi in February.
The shakeup will happen at all levels, Minister Samaraweera vowed. “First step is heads of missions,” he explained. “If we are to recall all of our political appointees together, many of our missions will collapse because 70 to 80 per cent of them are political. We have to do this step-by-step.”
“I am insisting that the earlier formula of 70:30 will be adhered to,” he continued. “That is, 70 per cent of appointees will be from the Foreign Service and up to 30 per cent for political appointments. But even the latter must be of the highest quality and calibre.”

SOURCE: SUNDAY TIMES (Sri Lanka)

Pay Up Or Face The Consequences

FATCA
Seychelles to ensure payment of US taxes
You can run but you can’t hide from the taxman.
The US is one of the few countries that taxes its citizens who live abroad, and the Foreign Account Tax Compliance Act (FATCA) enacted in 2010 is designed to ensure countries around the world agree to assist with its efforts. Seychelles is committed to doing just that having in April 2014 approved a proposal from the Ministry of Finance, Trade and Investment for Seychelles to join the FATCA.
Yesterday Appleby Global, in collaboration with the Ministry of Finance and the Financial Services Authority (FSA), held a presentation to explain what this means in practice for the Seychelles businesses. As Appleby’s Malcolm Moller, managing partner for Mauritius, Seychelles and Shanghai, explained to TODAY, “it’s looking for the US citizens that aren’t paying US taxes”, but reassured Seychelles businesspeople explaining “there is no need to be scared or to fear FATCA”.
Appleby regional compliance manager for Africa and Asia, Natasha Hardowar-Bissessur, gave a detailed and thorough presentation, taking the audience through each consideration and implication of the act. The presentation made clear that reporting is due to start in September and requires businesses to identify whether their client is a US specified person or not. This means that registration forms will need to be amended so that they clearly identify such individuals at the point of initial engagement. This year the reporting needs to detail such individuals’ names, addresses, US Taxpayer Identification Numbers (TIN), account numbers and balances. In 2016, reports on this year’s returns will need to also include details of the individuals’ income paid, and the year after, it will need to include custodial proceeds paid to custodial accounts.

Mrs Hardowar-Bissessur, explained that the definitions and requirements are similar to those that the OECD requires. 52 countries have signed-up to date and there is a significant backlog of countries waiting to be recognised as signatories given most of the world’s countries do business with the US. The FSA told TODAY that the Seychelles has committed to what is called a “model one” agreement and, subject to a necessary amendment to revenue law concerning access to information, it will be in compliance with the standard.
A high profile example of this law’s reach was reported on the same morning as the presentation from Appleby. The UK’s Guardian newspaper reported that London Mayor Boris Johnson has reportedly settled such a tax demand made by the US authorities. Johnson holds British and American passports having been born in New York and despite saying he felt the bill “absolutely outrageous” he has since paid it, explaining that his US passport is “very difficult to give up”. It is clear that those classified as US taxpayers by FATCA are now more likely than ever to be required to meet their tax obligations, regardless of who they happen to be or where they live, and Seychelles is committed to doing its part to ensure compliance.

Source: Today In Seychelles



I ASKED THE SFP CHAIRMAN ABOUT HIS US CITIZENSHIP .. ONE THAT HE ACQUIRED AFTER HE EMIGRATED WITH HIS FAMILY TO GUAM .. HE HAS STEADFASTLY REFUSED TO CONFIRM HIS US CITIZENSHIP .. HE TOLD ME IT WAS "IRRELEVANT" .. HE ALSO REFUSED TO DISCUSS THE ISSUE OF FILING FEDERAL TAX RETURNS WITH THE INTERNAL REVENUE SERVICE (IRS) .. A RESPONSE THAT IMPLIES A DEGREE OF "DISCOMFORT" WITH THE ISSUE .. DRAW UR OWN CONCLUSIONS
FAILING TO FILE A TAX RETURN IS A SERIOUS VIOLATION OF FEDERAL TAX LAW .. I DON'T UNDERSTAND HOW SOMEBODY WHO CALLS HIMSELF A "LAWYER" .. WHO GREW UP AND WENT TO COLLEGE IN THE UNITED STATES .. WOULD BE IGNORANT OF THIS FUNDAMENTAL FACT .. SOMETHING THAT EVEN A DISHWASHER AT A CHINESE RESTAURANT IN SAN FRANCISCO'S CHINATOWN WOULD KNOW ABOUT .. HOW BLOODY STUPID .. CROOKED AND CORRUPT COULD THIS GUY BE .. CHAIRMAN OF THE SFP .. RIGHT .. SURE .. WHATEVER ..
THE ONLY WAY OUT OF THIS QUANDRY WOULD BE TO BE A REAL "SESELWA RASIN" .. BY RENOUNCING HIS US CITIZENSHIP .. BUT THAT WILL NOT EXEMPT HIM FROM PAYING WHATEVER TAXES HE OWED THE IRS .. UP UNTIL THE TIME HIS CITIZENSHIP IS NULLIFIED BY A FEDERAL JUDGE
OWING TAXES IS NOT CONSIDERED A CRIME UNLESS THERE'S A CLEAR INDICATION OF TAXPAYER EVASION .. BUT FAILING TO FILE TAX RETURNS IS DEFINTELY A VIOLATION OF FEDERAL TAX LAWS .. IT'S THE ONLY WAY FOR THE IRS TO FIND OUT IF U OWE THEM ANY TAXES .. IT'S A BASIC REQUIREMENT OF US CITIZENSHIP
FINANCIALLY UNSTABLE .. HE'S NOW EXTORTING MONEY USING FALSE PRETENSES .. DECIET .. LIES .. THAT ALONE COULD BRING ON A SERIOUS CASE OF MULTIPLE PERSONALITY DISORDER .. SCHIZOPHRENIA .. BIPOLAR DISORDER .. MADNESS ..
THAT'S WHAT MASQUERADES FOR AN "OPPOSITION" IN MODERN SEYCHELLES .. A MENTALLY INSANE BABY ELEPHANT AND HIS NEO-NAZI RACIST FACIST MSR RAMPAGING THROUGH THE UNDERGROWTH .. TRAMPLING ON FRIENDS AND FOE ALIKE .. HE MAKES THE RUSSIAN MAFIA LOOK LIKE THE FREAKING POPE.
IT'S SAD INDEED .. PARADISE WAS SO BADLY RAPED BY ALBERT RENE AND HIS DIABOLICALLY MURDEROUS CLIQUE .. THAT EVEN "ELEPHANT MAN" SEEMED "NORMAL" .
ELEPHANT MAN CANNOT SEEM TO DIFFERENTIATE BETWEEN "BERNADETTE POOL" AND "GARY TALL" .. THAT'S A FAT LIE .. HE KNOWS FULLY WELL THEY R NOT THE SAME PERSON .. IF THIS GUY CAN'T HANDLE PEOPLE ON A KEYBOARD .. HOW WILL HE MANAGE TO DEAL WITH THEM IN REAL LIFE?
COMPARED TO THE IRS .. THE FBI R A BUNCH OF BABIES CRAPPING IN THEIR DIAPERS ....NOT EVEN THE PRESIDENT OF THE UNITED STATES .. THE MOST POWERFUL MAN ON THE PLANET .. CAN EXEMPT HIMSELF FROM FILING ANNUAL TAX RETURNS WITH THE IRS .. JUST THINK ABOUT THAT FOR A SECOND HUH? NOW THAT'S RAW F**KING POWER 

Sunday, 25 January 2015

The Nazi Party (SFP-KREDO RASINIS)



Continuation Of Lepep Legacy

LARTIK II
ZOUR TRAIZON E REPARASYON

Depi sa moman e anavan, le 5 Zen sak lannen pou reste en konze nasyonal ki a mark en zour souvenir pour tou Seselwa Rasin koman Sa zour Traizon e Reparasyon.

Lo sa dat nou pou depi sa moman e anavan mazin sa aksyon traizon lo sa valer Sesel Pou Seselwa e an armoni avek bann diferan fason ki sak endividiyel in personelman trair sa valer Sesel Pou Seselwa dan bann lannen kin pase e rezoli e definir fason pou amelyor nou komitman e dedikasyon ver sa valer e laverite Sesel Pou Seselwa pandan lannen ki pe vini.


Racism, Repatriation and Concentration Camps 

LARTIK III
DEFINISYON-SESELWA RASIN

Seselwa Rasin se sa pep natif Sesel, e Sesel i propriyete selman Seselwa Rasin e pa pou oken lot endividi, group ou pep, e Sesel i patri selman Seselwa Rasin e later nou lorizin. Sa bann fe ti ganny rekonnet e aksepte par Rwayonm Ini e kominote enternasyonal lo dat nou lendepandans, le 29 Zen 1976, Zour Lendepandans, kot nou Seselwa Rasin ti ne.

En Seselwa Rasin se en dimoun ki son zanset I form rasin kiltir e sosyete Seselwa. En Seselwa Rasin i ganny defini koman en dimoun ki ti en Seselwa Zour Lendepandans, Le 29 Zen 1976, ouswa enn son desandans.

Leksepsyon pou bann dimoun kin natiralize par maryaz oubyen par reson imaniter ganny donner stati Rasin I ganny define dan sa Kredo, person pa kapab pran oubyen donn stati Seselwa Rasin baze lo keksoz oun fer oubyen pan fer par sa endividi Seselwa Rasin – swa egziste oubyen pa egziste e i ferm ou ensanzab, absoli, endiskitab e osi permanan parey bann zetwal dan lesyel lanwit Sesel.

Etranze ki marye avek en Rasin pou bezwen esper apre 10 an dan son maryaz avek en Seselwa Rasin e osi 10 an residans dan Sesel, ki kapab ganny konte an paralel, me sa dimoun natiralize pa kapab pas stati Rasin avek son zanfan andeor son maryaz avek en Seselwa.
LARTIK VII
DEFINISYON – DRWA – FABRIKE

En Fabrike se en fo-Seselwa an lot mo en dimoun ki pe pas pou en Seselwa me napa oken liyen Seselwa Rasin. Tou bann Fabrike ki annan en paspor Seselwa, e tou drwa ki pe ganny reklamen par bann Fabrike koman sitwayen Sesel i devret ganny kensel avek sel eksepsyon bann imaniter konfirmen par bann lalwa Seselwa Rasin.

Neport Fabrike ki pa vote dan bann eleksyon fitir, e ki pann viyol lalwa Sesel, oubyen ki pann benefisye dan oken viyolasyon lalwa Sesel, pou kapab anvoy en petisyon kot Gouvernman Rasinis pou ganny konsidere pou en renonsman imaniteriyen, pour sa kensel fo-sitwayente ki lalwa Gouvernman Seselwa Rasinis i demande, dan ki sirkonstans ki sitwayente i devret ganny donnen i devret Selman dan sirkonstans eksepsyonel avek eksplikasyon e difinisyon an detay, e tou sa bann demars i bezwen ganny fer avek konesans piblik, anplis ki sa donn en individi sitwayente Seselwa i bezwen ganny valide par en vote mazorite Seselwa Rasin dan en referandonm pou permet sa transfer stati en Fabrike ek son desandans.

Neport Fabrike ki vote dan prosen eleksyon pou ganny deporte san leksepsyon dan en tre kourt peryod apre transfer pourwar avek en Gouvernman Rasinis isi Sesel, e zot pa pou kapab ganny konsidere pou sa petisyon pou sitwayen Seselwa imaniteriyen

En Seselwa Rasin pou korpore avek oken lazans nasyonal e enternasyonal pou demaske e idantifye ban Fabrike ek zot bann move aksyon komet kot sa pep anba zot stati Fabrike sitwayen Seselwa.



Absolute Power and Nepotism

LARTIK IV
CONTROL POLITIK LO SESEL

Seselwa Rasin i annan drwa ekskliziv pou control politikman e gouvern Sesel.

Seselwa Rasin i annan drwa ekskliziv pou ganny elekte dan, oubyen apwent dan, neport pozisyon dan Sesel ki enkli gouvern, oubyen kapab annan okenn pourvwar pou gouvern, neport morso Sesel.

LARTIK V
SESEL I PATRIMWAN SESELWA RASIN

Tou benefis e resours derive ou ekzistan Sesel i propriyete Seselwa Rasin e i osi patrimwan tou Seselwa Rasin selman. Sertin bann benefis nou patrimwan ki propriyete zis bann Seselwa Rasin par egzanp, servis lasante public, ledikasyon pou naryen, lakaz, later e lezot servis sosyal e lezot drwa ki devret ganny met a disposisyon zis bann Seselwa Rasin – tou lezot dimoun i bezwen pey en pri resonab pou bann tel servis.

Tou Seselwa Rasin ki bezwen lasistans gouvernman Sesel ya donn zot lasistans oubyen lasistans par lezot endividi Seselwa Rasin, dan lekel drwa lasistan ya ganny balanse par lobligasyon e devwar ki sak endividi Seselwa Rasin i prove pou amelyor son sirkonstans, ziska pli gran nivo posib, alor sa Seselwa Rasin kid an bezwen ya kapab ganny asiste.

Redefintion of 200 years History
LARTIK VI
LANGAZ SESELWA LANGUAGE EK SON KILTIR

Langaz ek kiltir Seselwa Rasin pou nepli ganny fer referans koman Kreol, dan lekel sa non pa rekonet nou distenksyon e nou inikte koman en pep. Nou langaz pou dezorme apel Seselwa, e nou kiltir pou osi definitivman ganny apele Kiltir Seselwa dan lespri rekonesans lendepandans e distenksyon sa vre pep Seselwa Rasin, antraver nou langaz e nou kiltir.



Conclusion by Seychelles Reality Today
There are over 40,000 Seychellois living in different countries abroad and in view of Gill's racist attitude, we are all considered as "fabrikes."

Gill is sentimental by default, a person who exploits people for his own agenda.   The MSR-SFP political party is the only party that openly advocate the concept of a superior race in Seychelles, one that has the right to include and exclude others by virtue of birthright. How is that different from the Nazi concept of lebensraum? Mein kamp, our camp, our Sesel? Nobody else has a right to the Seychelles according to Gill except those born on the Islands, not even naturalised citizens.

Gill is desperate, a person who has largely lost his moral compass, his dignity and his sense of decency. He is like a hard core prisoner in his own little world on Praslin. He has culminated his own political career when he crossed the floor to Lepep. He has committed his own political suicide.





Saturday, 24 January 2015

Off Goes Ste Ange On A Spending Spree


Meseret Tekalign, the Ethiopian Airline Area Manager in Seychelles paid last week a courtesy call on Alain St.Ange, the Seychelles Minister responsible for Tourim and Culture. Mrs Tekalign was to the meeting by Christine Hoareau, the General Sales Agent for Ethiopian Airlines in Seychelles.
Present at the meeting was Sherin Naiken, the CEO of the Seychelles Tourism Board.

The Ethiopian Airline meeting with the Seychelles Minister for Tourism and the CEO of the Tourism Board was an opportunity for the two sides to assess the visibility of Ethiopian Airlines as an airline connecting Seychelles to the world. Only a week ago Ethiopian Airlines flew to Seychelles a group of French Journalists accompanied by Bernadette Willemin, the Seychelles Director for Europe who is herself based in Paris France. This French press Group were invited to Seychelles to see for themselves the unique selling point of these most sought after islands as a holiday destination.

The discussions will get Seychelles involved in the new marketing drive by the different Ethiopian Airline Stations from Israel to China to the Americas and also greater Europe to look more closely at at Seychelles as the leisure destination today served by Ethiopian Airlines.
It was also accepted that in the coming weeks Minister Alain St.Ange of the Seychelles will lead a working delegation to Addis Ababa in Ethiopia to meet the CEO of Ethiopian Airlines and discuss closer cooperation between the airline and Seychelles Tourism. The Minister will be accompanied by Sherin Naiken, the CEO of the Tourism Board of seychelles and also joining them from Paris will be the island's Director for Europe, Bernadette Willemin. Meseret Tekalign of Ethiopian Airline will also accompany Minister St.Ange to Addis Ababa.

http://myinforms.com/en-us/a/10026534-ethiopian-airline-in-seychelles-meets-islands-minister-responsible-for-tourism-to-plan-marketing-dri/

Thursday, 22 January 2015

Breaking News - MIHIN LANKA Company Will be Closed


The Government has decided to Close the Mihin Lanka Company and annex it with the Sri Lankan Air Lines Services.
Mihin Lanka was created by the previous government in order to propagate the former president Mahinda Rajapaksa to the world. By investing Crores of Rupees from the Public Funds this Mihin Lanka was started, but it was running on loss due to the financial scandals within the company.
This Decision to Close the Mihin Lanka has been taken as per the recommendations made by the Cope Reporting Team. According to its Reports the Mihin Lanka Company had incurred a loss of Rs.3.3 Billion in the year 2013.
Apart from this, during the last year the loss incurred by Sri Lankan Air Lines Services added to the increasing of the heavy loss. The Cope Reports President Gunasekara also recommended annexing Mihin Lanka with the Sri Lankan Air Services.
In the meantime, yesterday, a complaint has been launched with the Ordering Commission to conduct an investigation with regard to the financial fraudulence and the Scams that had took place in Mihin Lanka.
http://www.lankasrinews.com/view.php?224OlX2acV5YA04ecAMMd02eAmB2dd3JBmA2020gAm2e4cY5J3ca4lOAb3



Gota Faces Risk Of Prosecution Under Jurisdiction Of US Laws
US Law Professor Ryan Goodman, in an article to New York Times, today says that former Defence Secretary of Sri Lanka, a US citizen, faces the risk of prosecution under US laws over alleged war crimes.
“As a citizen, Mr. Rajapaksa can be held liable under the War Crimes Act of 1996, which puts war crimes anywhere in the world under the jurisdiction of United States courts if the perpetrator, or the victim, is a United States citizen. Put another way, the United States has a perfect justification to go after Mr. Rajapaksa individually,” Goodman said.
The law Professor added that Gotabaya Rajapaksa was a naturalized American citizen who used to live in Los Angeles, where he worked as a computer systems operator at Loyola Law School.
“The United States could help by signaling its own interest in opening a criminal case against Mr. Rajapaksa in the event that Sri Lanka doesn’t. That would give the new government both an opportunity and a justification to clean its house. Because of Mr. Rajapaksa’s citizenship, the United States would also be less vulnerable to accusations that it was meddling in the affairs of another nation,” Goodman added.
He also says the UN led inquiry offers both too much and too little at this point.
“Too much, because pushing for full, sweeping accountability in this fragile moment of transition could destabilize the new government and jeopardize the warming of relations between the United States and Sri Lanka. Too little, because the United Nations investigation doesn’t have any teeth — the panel leading it doesn't have the powers of a criminal tribunal, and cannot even impose a financial penalty,” the Professor stated.
http://www.lankasrinews.com/view.php?22IOllaacp5YY44e3AMM3022mmB3dddBBmy200CgAAee4IY55cca3lOO23



Fresh probes into several murders committed in past few years

Fresh probes will be launched in to the killings of TNA MPs Nataraja Raviraj and Joseph Pararajasingham, founding Editor of The Sunday Leader newspaper Lasantha Wickrematunge and former Minister Jeyaraj Fernandopulle, Health Minister Dr. Rajitha Senaratne says.
The Minister made this comment at a new briefing held on the discussions at the National Executive Council.
The Minister further said that he too approves the complaints lodged by former Minister Mervyn Silva to the CID regarding these killings.
A special unit is to be set up to probe these murders.

 http://lankaherald.com/2015/01/22/fresh-probes-into-several-murders-committed-in-past-few-years/




Politically appointed overseas mission heads recalled

The government has recalled all politically appointed diplomats, who are not qualified Foreign Service personnel, in its overseas missions back to the country.
The new Foreign Secretary has informed 57 such Ambassadors and High Commissioners to return to the country before February 28th.
http://lankaherald.com/2015/01/22/politically-appointed-overseas-mission-heads-recalled/

 

 




Monday, 19 January 2015

Former President Rajapaksa Alleged Seychelles Assets To Be Investigated: WB Assistance Needed To Unearth "Stolen Assets"


Deputy Minister of Planning and Economic Development Dr. Harsha de Silva said the Sri Lankan government would certainly investigate into the assets in Seychelles belonging to the former first family in Sri Lanka and their closest associates.

“There are various ways through which we can conduct investigations. We can seek the assistance of private auditors and proceed with the matter. At the same time, we can conduct inquires with the help of the Stolen Assets Recovery Programme of the World Bank. The government can assure the public that no one will be able to hide the ‘stolen assets’ in Seychelles and dodge local law enforcement mechanism,” the Deputy Minister told Asian Mirror on Monday.

“Seychelles is known to be a safe haven for stolen assets and a money laundering hub. But, we, as a government, have realized the gravity of this matter,” de Silva also added.

The Deputy Minister, when he was in the opposition, said that embezzled funds, including money swindled from development projects in Si Lanka, were deposited in Swiss banks through Seychelles.

Due to strict laws adopted by Switzerland, he said, the amount of funds deposited in Swiss banks under Sri Lankan addresses had decreased in recent years while deposits through Seychelles had drastically increased.

“The population in Seychelles is slightly more than 90,000 but the deposits under the addresses of that country are worth about 3,000 million Swiss Francs last year, which is higher than the accumulated deposits under Sri Lankan addresses,” he told media.

Former President Mahinda Rajapaksa, nearly seven months before his visit, opened a Sri Lankan High Commission in Seychelles while setting up a branch of the Bank of Ceylon in the island.
Despite its population which does not exceed 90,000, Mihin Lanka, an airline started under directives from former President Rajapaksa, started a direct flight to the island last year.

http://www.asianmirror.lk

Sunday, 18 January 2015

Who Are The Looters In Seychelles? US $ 2.39 Billion Stashed In Swiss Banks Accounts

January 18, 2015 

VENTURES AFRICA – Three days ago, the Swiss National Bank slashed its official interest rate to -0.75 percent; that move, made in faraway Europe, has enormous repercussions for Africans seeking to hide funds there. The Swiss apex bank did not make the move with African looters particularly in mind; the negative interest rate is part of their battle tool against the currency overvaluation which causes their exports to be a lot more expensive. However, with Swiss banks the favourite hub for Africa’s illegal capital flight, the new measure will hurt the stolen funds and those ferrying them.
Swiss banks receive an estimated $150 billion of funds from Africa annually, most of it illegal. But the new measures could lead to a reduction in those figures. Switzerland has in recent years repatriated billions of dollars stashed in its banks to clear up its image, among them around $700 million dollars laundered by former Nigerian dictator Sani Abacha. Now the country is trying to reduce the attractiveness of its banking services, because, ironically, the huge desire for Swiss banks is hurting the country.
Everyone loves to keep money in Switzerland—from African looters to western investors—because its assets, denominated in Swiss francs, is considered a safe haven due to the unsteadiness of the global financial markets. Thus, those who store money in Switzerland’s local currency are certain the value of their investments will not depreciate, in fact it’s guaranteed to appreciate, unlike in Nigeria, for example, where the current oil revenue crises show how vulnerable the country’s financial market is.
But Switzerland is becoming a victim of this global confidence in its financial system. The recent investors throng to the Swiss financial sector, caused in part by the Eurozone crisis, to which the country does not belong, has greatly strengthened the Swiss franc. While this would have been a good thing for the frail South African Rand or Ghana’s Cedi, it is bad news for the European heavyweight. A higher value of the Swiss franc makes the goods produced by Swiss companies more expensive to export.
First action of the Swiss National Bank (that’s like their Central Bank) was to cap the value of a franc at 1.20 per euro. Then they lowered the short-term interest rate from -0.25% to -0.75%. According to the Business Insider, “the Swiss National Bank’s move is nothing short of a revolution in the world of finance: no central bank has ever set its official interest so low. In pushing rates so far into negative territory, it is consciously destroying the value of investments in the franc in an effort to scare off ‘hot money’ that has flooded the country in search of a ‘safe haven’ from turbulent global markets.” In essence, the business new website said in a separate article, “they raised the penalty for stashing money there.”
Here are some of the stashers: as at 2011, $1.46 trillion (1.53 trillion Swiss francs) of African money was held in Swiss banks according to a Swiss National Bank (SNB) report. Seychelles ($2.39 billion), Egypt ($760 million) and South Africa ($757 million) are the top African countries whose nationals have stashed away millions of dollars in the country’s banks.

Source: ventures-africa