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  • ‘May hope and joy be yours at Christmas’ says Bishop Denis Wiehe
  • President James Michel’s message for the New Year 2009
  • $2.4 billion held overseas ‘shows offshore strength’
  • Budget 2009 – Paying for Jj’s mess
  • This budget is simply OUTRAGEOUS!
  • Seychelles owes $1.3 billion – debt must be audited!
  • Seychelles President Shuns Atheism for God in Lehman Bankruptcy
  • Victoria honore son père fondateur
  • Somali pirates have reached into Seychelles’ waters
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  • Seychelles Foundation for National Reconciliation and prosperity
  • MNAs get juicy contracts as environmental consultants
  • Seychelles joins underwater fiber optics group
  • SPTC increases bus fares
  • Men outnumber women in Seychelles
  • Seychelles renews tourism campaign on CNN International

 

Regional News

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Seychelles Review

$2.4 billions held overseas ‘shows offshore strength’

Finance Minister Danny Faure has said the fact that US $2.4 billion is held overseas by companies and individuals based in Seychelles, or registered in the Seychelles offshore sector, shows our offshore industry is thriving.

“Recently a lot has been said about an amount of US $2.5 billion that, according to the IMF, is allegedly held by Seychellois in overseas bank accounts,” he said.
The Ministry of Finance had contacted the IMF for further clarification, he added.
“The IMF said they have received their information from the Bank for International Settlement based in Basel, Switzerland, which has said that a figure of US $2.4 billion comprises net deposits of individuals and companies (not being banks) and includes funds held by companies registered in the Seychelles offshore sector.”
Mr Faure said these deposits could also include funds held by tourism establishments operating in Seychelles and any entity that in one way or another has Seychelles as its registered base.
“Mr Speaker, such information indicates that our offshore industry is indeed thriving and that businesses of significant means are availing themselves of Seychelles as a commercial base,” he said.
Source: Nation

Comment: Well, who in his right mind is prepared to believe this?