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Somali pirates’ ingenious way of funding their high-seas operations


Monday, December 07, 2009

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SOMETIMES you have to wonder whether members of the South African Communist Party know what they are up against. The power of stock markets is so imbued with logic and they have such utilitarian value that, according to a recent Reuters story, Somalia’s pirates have established one to fund their hijackings and spread the risk.

Business is booming. They began with 15 “maritime companies” and now host 72. “Everybody can take part, whether personally at sea or on land by providing cash, weapons or useful materials,” a former pirate said.

The exchange is in Haradheere, 400km northeast of Mogadishu, where the administration of President Sheikh Sharif Ahmed has no influence.

Like all stock markets, there are losers; but in this case the loss is not just financial. The exchange is a regular haunt of grieving women seeking news of male relatives missing in action.

But there are winners too. Reuters spoke to one woman who said: “I am waiting for my share after I contributed a rocket-propelled grenade.” She was given the weapon as alimony.

A remarkable and creepy story. Yet it’s not as odd as you might expect. Hong Kong began as a depot in the opium trade to China.

Source: Business Day

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