Imaginaryland signs $1 billion deal with an imaginary bank to construct new imaginary city

[Crow]

https://somalilandchronicle.com/201...dollar-deal-with-a-non-existent-chinese-bank/

On August 14th, the Minister of Investment Mohamed Ahmed Mohamoud and a Maxtor Bank, a major Chinese bank has signed a billion dollar Memorandum of Understanding. The press event featured the bank’s leadership and the minister signing the deal where they both gave details on the nature of investment.

If all goes according to plan, this will be by all accounts the foreign largest investment which dwarfs even Berbera DP World.

There are few problems that make the deal seem bit murky atbest, starting with the nature of Chinese banking services. Banking in China is a private public partnership where the Chinese government owns 50% of all banks. This alone make the size and the caliber of the delegation seem unlikely.

The other red flag is existence of the bank itself. We simply cannot find this major bank on any registry.

Somaliland Chronicle has contacted China Securities Regulatory Commission (CSRC) and the Bank of China to try and find out more about Maxtor Bank and it turns out that they are not aware of the existence of this bank. They suggested that we double check the name of the bank but assured us that Maxtor Bank is not on their registry.

In our research, the closest thing we are able to find to Maxtor Bank is UN Maxtor Bank, a website with very little information that was last updated in 2012 and few other entities with variations of the name United Nations Maxtor registered with various authorities in the United States and United Kingdom.

It is entirely possible that Maxtor Bank goes by a different name and it may be entirely possible that it is sort of a venture capital where they will be raising the funding from private investors. In other words, having the word bank in the name does not necessarily make an entity a bank.

According to Minister Mohamoud, Maxtor Bank will invest in the tourism sector where an entire city with its own wildlife center, luxury hotels, supermarkets, farms and university will be constructed.

It is unclear what data was used to to come to the conclusion to invest one billion dollars in the tourism industry while there are more urgent needs such as transportation and energy infrastructure.

“I don’t think any of us understood what was happening, cameras, microphone and hard to understand translation. My guess is we are trying show the President we are very busy attracting investment” said an Ministry of Investment present at the meeting.

While a billion dollar investment in Somaliland would go a long way, it seems that no due diligence was done by the Ministry of Investment to ascertain the credentials and veracity of various investment firms Somaliland have signed deals with so far.

Somaliland has had a history of entering into dodgy agreements with foreign and domestic entities in the past such as Fishing agreement for ASR and privatization of Berbera Oil Terminal and storage facility which President Muse Bihi Abdi has recently cancelled.

If you're going to sign a sham deal, at least make it believable.

1 billion imaginary dollars into tourism and while the people of Hargeisa drink imaginary water.

 

[Mercury]

This makes us look bad Somaliland would go a far way if it werent full of incompetent people who were chosen due to their qabiil

This idiot is the minister of investment and hes here allegedly signing a billion dollar deal without checking the credentials of this ”bank”

 

[Silky]

A undergraduate degree and 3 years Experience should be the bare minimum to qualify for any post in government.

 

[SomaliWadaniSoldier]

The money itself is imaginaryeverything about the article is pure dream.

I would believe the story if it was 1billion Somali shilling.

 

[SirLancelLord]

The money itself is imaginaryeverything about the article is pure dream.

I would believe the story if it was 1billion Somali shilling.

Don't chat shit about Somaliland Chronicle theyre fairly new and are only focused on investigative reports on the Somaliland Gov to give people a bigger picture to why

 

[kaluumayste]

 

[Crow]

 

[.279]

Dawwwwwhghhgg

Wallahi ma noooli

 

[.279]

That being said, ilaahey haa u barakeeyo dadka walaalaha nahay jamuuriyada barakeeysan ee somaliland

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[Bohol]

 

[kaluumayste]

Maxtor Bank, a major Chinese bank has signed a billion dollar Memorandum of Understanding.




Maxtor Bank is a imaginary bank indeed cant find it anywhere on the net.

 

[Cigal Shidaad]

HOO MY GOD

 

[nine]

View attachment 53006

@draco

 

[DRACO]

@draco

Lol, @GeelJirito the expert created that GIF

 

[DRACO]

I gotta admit ,who signed this BS deal .

New city kkk

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