Politics

Previously: Billionaires at play in the fields of the poor (part 5) Chinnakannan Sivasankaran

There is a great deal of buzz about Africa’s economic awakening, with some countries experiencing substantial growth in gross domestic product that is being driven by waves of foreign capital, as investors from Asia, Europe, North America, the Middle East and also Latin America descend on the continent. Many of the investors are after natural resources, mineral and oil riches and also farmland. This raises the question: is the foreign investment benefitting the continent or is it just another scramble for Africa, the last stage of colonialism? In this, the last of six articles on the issue, Joan Baxter profiles another of five billionaire investors in Sierra Leone, French national Vincent Bolloré and his complex investment portfolio in Africa. The article concludes the series by looking at how even if the wave of foreign investment in Sierra Leone benefits the country.

 Billionaire investors and prosperity for whom?

P1011484-300x225Not even 50 kilometres from the disputed land lease taken out by the Siva Group  in Kpaka Chiefdom in Sierra Leone’s Pujehun District, where angry youth leaders and local chiefs are denouncing their Paramount Chief for signing away their precious farmland, there is similar discontent and dis-accord over a land deal in the Malen Chiefdom. There, Socfin Agricultural Company (SL) Ltd, or SAC, has leased 6,575 hectares and converted more than half of that into monoculture oil palm plantation. It is now seeking to lease and plant an additional 5,500 hectares, for a total of 12,000.[i]

SAC is 85 percent owned by Socfinaf,[ii] part of the extremely complex Socfin [Société Financière des Caoutchoucs] Group, with its contact address[iii] in Luxembourg, a ”major” secrecy jurisdiction at the ”dirty” end of the spectrum. [iv] Thirty-nine percent of the shares of Socfin are held by the Bolloré Group,[v] of which the prominent French billionaire Vincent Bolloré is Chair and Chief Executive Officer. Although the Group is listed on the Paris stock exchange, the Bolloré family holds ”majority control of the company through a complex and indirect holding structure”.[vi] The major shareholders of SOCFIN SA are all very much associated with the Bolloré Group, as they are controlled by the Fabri or de Ribes families, who are intertwined in the various interconnected companies.

Continue reading Billionaires at play in the fields of the poor (part 6): prosperity for whom?

Read more

Previously: Billionaires at play in the fields of the poor (part 2) Beny Steinmetz

This, the third in a series of six articles on foreign investment in Sierra Leone profiles another one of  five billionaires,  Frank Timis and his investment in the country’s extractive sector.

King of Iron Ore

Another Ultra High Net Worth Individual — or Ultra HNWI in the curious shorthand of the wealth management industry — working in Sierra Leone’s extractive sector is Frank Timis, originally from Romania and now based in London, UK. In 2011, Timis made his debut on the Forbes List of billionaires.[i] He is said to be the richest Romanian, with a personal fortune in 2012 estimated at over 1.7 billion Euros or about US $ 2.2 billion.[ii] He’s also the owner of two Bombardier Challenger jets.

P1012017-300x225

Wet ore – or soil containing ore – is loaded into train cars and untold tonnes of it taken directly to port for export to China. Photo credit: Joan Baxter

Timis is a controversial figure, with two convictions for possession of heroin in Australia.[iii] In 2007, the Toronto Stock Exchange declared him an ”unsuitable” person to act as director or major shareholder of any companies listed on the TSX.[iv] In 2009 while he headed the UK-listed Regal Petroleum, the UK authorities fined the company close to US $1 million for issuing misleading statements about its oil reserves.[v] Today he is Chairman of the Timis Corporation, “a portfolio of businesses in the mining, oil and gas, life sciences and agricultural industries”.[vi] It is registered in Bermuda, which appears on the Forbes list of the world’s “top ten tax havens”. Continue reading Billionaires at play in the fields of the poor (part 3): Frank Timis

Read more

There is a great deal of buzz about Africa’s economic awakening, with some countries experiencing double-digit growth in gross domestic product that is being driven by waves of foreign capital, as investors from Asia, Europe, North America, the Middle East and also Latin America descend on the continent. Many of the investors are after natural resources, mineral and oil riches and also farmland. This raises the question: is the foreign investment benefitting the continent or is it just another scramble for Africa, the last stage of colonialism? This, the first in series of six articles, Billionaires at play in the fields of the poor, investigates how foreign investment is playing out in one small African country. It looks at five billionaire investors, their big investments and at what’s in it all for Sierra Leone.

Part 1. Sierra Leone on a silver platter?

Africans and their leaders have every reason to be fed up with the negative way their continent has been portrayed and viewed by the outside world. It is definitely time that they tried to undo the damage by painting pictures that highlight the continent’s many strengths and riches.

PVB-GN_06-002-300x225So it was that in late 2009, Sierra Leone’s President Ernest Bai Koroma took the podium at the Sierra Leone Trade and Investment Forum at the Queen Elizabeth II Conference Centre in London, England. The country was still better known internationally for “blood diamonds” and a brutal civil war they fuelled, than for its impressive peace-building efforts in the ten years since the war ended. President Koroma wanted to change that.

“Our soils are fertile and our land under-cultivated, offering ideal investments in rice, oil palm, cocoa, coffee and sugar,” he declared.  “Our ground is rich in minerals: iron ore – the third largest deposit in the world; bauxite, rutile, gold and yes, diamonds. Our shores boast 400 kilometres of white sandy beaches, just waiting to be developed for tourism . . . Our seas are some of the most well-stocked and under-fished in the world”. Continue reading Billionaires at play in the fields of the poor (part 1): Sierra Leone on a silver platter?

Read more

photo credit: CBC

photo credit: CBC

When Prime Minister Stephen Harper weighed in on the tragic story of Rehtaeh Parsons, the 17-year-old Nova Scotian who was driven to hang herself in April 2013 after months of bullying following an alleged sexual assault, he echoed the national revulsion at the event, saying he was “sickened” by the story. He also said he thought that it was time to stop using the term “bullying” for some of these things because that connoted “kids misbehaving”, when some of these circumstances were “simply criminal activity”. That they may be. But no one can deny that it is the bullying itself that in recent years has been driving so many young Canadians to depression, despair and suicide.

Perhaps it’s not surprising that Mr. Harper wants to downplay the term “bullying” by suggesting it’s just the kind of shenanigans that children get up to in a sandbox. If he were to admit that bullying was morally wrong and deeply dangerous, a pervasive social ill that has become common in all walks of modern life and among all ages, he might have to change the way his Party does politics and fights elections. Bullying, which has become such a scourge in our schools, workplaces, social media and arenas, is now also a political tool in this country. Continue reading Conservative attack ads are bullying

Read more

In 2002, even if Mali wasn’t literally my home, my native land it sure felt it was. At that point my family and I had been living in Bamako, the Malian capital, for five years. On summer visits back to Canada to visit with family and friends, my son usually gave it two or three weeks before he started telling me that it had been a “nice holiday” but now he thought it was really time we went “home” to Bamako. He missed the group of friends with whom he played soccer on the narrow dusty roads near our house, dodging vehicles and regularly retrieving wayward soccer balls from fetid gutters. My daughter greatly missed her friends, who hailed from all over West Africa, and the weekends when they all headed off to explore the crazy markets or just to make the rounds of each others’ homes sampling wonderful African dishes and trying out new dances they were learning in a Senegalese dance troupe.

I had no interest in ever leaving Mali. I was working as a journalist, reporting for the BBC World Service and any other international media that showed an interest in the country, its fabulous history, culture, music, or its politics and the already worrisome meddling in its internal affairs of foreign powers, particularly American, French, Algerian, Libyan and Saudi.

But — barring the BBC World Service that broadcast to Africa and enjoyed its largest audience growth on the continent — few international media outlets seemed very interested in Mali. At that point, the country was not generating the kinds of stories that editors in distant newsrooms seemed to expect from Africa. These tended to star bloodthirsty youths in rebel garb hacking off limbs of innocent civilians, white saviours trying to stem the outbreak of some new and awful disease, or perhaps a Western celebrity cuddling a starving child. Continue reading Grieving for Mali

Read more