Somali Pirates Form Investment Cooperative

Somali Pirates Form Investment Cooperative

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HARADHEERE, Somalia - 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.

Heavily armed pirates from the lawless Horn of Africa nation have terrorised shipping lanes in the Indian Ocean and strategic Gulf of Aden, which links Europe to Asia through the Red Sea.

The gangs have made tens of millions of dollars from ransoms and a deployment by foreign navies in the area has only appeared to drive the attackers to hunt further from shore.

It is a lucrative business tha

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So the Somali pirates have now incorporated.

"Four months ago, during the monsoon rains, we decided to set up this stock exchange. We started with 15 'maritime companies' and now we are hosting 72. Ten of them have so far been successful at hijacking," Mohammed said.

"The shares are open to all and everybody can take part, whether personally at sea or on land by providing cash, weapons or useful materials ... we've made piracy a community activity."
Newsmax

It's big business, and it's growing.

It's developing into a form of government where a share of the ransoms is going to the funding of infrastructure, schools, and hospitals.

The success of piracy is turning Somalia into a pirate nation. Garnering the support of the people by improving their lives with ransom money. I wonder how long this will continue to be tolerated before there is yet another war.



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[edit on 12/2/2009 by AlienChaser]

I have been hearing about Somali pirates for a while now. I would like to take a look in what made them into pirates all of a sudden. I heard something relating to natural resources earlier but didn't follow it up so not clear about it. It had to do something about foreign investors breaching coasts etc. but don't take my word for it. Will add more specific details after I go thru them.

Pirate Nation! Yaar, matees!

As epic as the concept is, these guys are still pirates and they forcefully take others livelihoods (shippers, fishers, and the like) and investments.

Although, TBH I would totally support this pirate black market if, and only if the operation was hijacking mega oil tankers from the oil corporations, and then ransom/sell the oil on a crude black market. It could totally destabilize the oil monopoly!

Anyways, got a lil' captain in ya?

NEXUS