Thread on Turkey and Erdogan's Co-Owned companies operating out Somalia AlBayrak and Favori pulling same con they pulled in Guinne last year

Manafesto

[Cali Saleebaan][Migiurtinia]
VIP
HalimoEnthusiast
In my latest study, I have examined Turkish private Co. 10yr concessions in Somalia, and uncovered the following:

1- Favori LLC increased its rev. share from 55% to 96%.

2-While Albayrak has increased its rev. share from 45% to 84%.
Let me explain how it happened.



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In 2014 Auditor-General Nur Fahar wanted to audit Favori LLC and Albayrak concessions but was blocked by both companies. In 2015 @SahraCabdi with @voasomali interviewed him; where he raised his concerns and lack of corporation from Favori LLC & Albayrak.

Hanti Dhowrka: Turkiga Ma Ogola Xisaabtan Nuur Faarax oo wareysi siiyey VOA-da ayaa eedeeyey shirkadaha Al-Bayrak iyo Favori oo labudba laga leeyahay dalka Turkiga.

Lo and behold, Nur Farah's decries prompted the parliament to form Somalia’s Financial Government Committee (FGC) to review all public procurement and concessions: published a detailed report with recommendations. However, the FGC failed to audit the revenue share.

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In 2017, the first thing PM Khaire @HassanAKhaire did was illegally firing Nur Farah to cover up corruption. The auditor general protested the unlawful sacking which violates Article 114 of Somalia's constitution; only the parliament could do so.



UPDATE: Auditor General, Nur Farah, rebuffs his dismissal; says only Parliament can sack him

Mogadishu (HOL) - Somali Auditor General Nur Farah was sacked by Prime Minister Hassan Ali Khaire on Thursday, a day after his bodyguards shot dead a young Cabinet Minister at the front gates of Villa Somalia

You have to wonder, why Albayrak is hiding its revenue, so I made some digging & found out that before Albayrak took over port management in 2014, the port rev was $6M/month reported @newhumanitarian & ultimately has increased to $10M/month per Prof Breden @cannon_brendon Image Image

It turns out based on the UN monitoring report, Albayrak has artificially inflated its expenses with dubious claims & decided to reduce monthly rev. payment to $1M from $10M. This reduced Somalia Gov rev. share from 55% to 16% while increasing the company’s from 45% to 84%.

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Something similar happened in Guinea when Alpha Condé, the now-deposed president and a friend of Erdoğan, awarded Albayrak a 25-year lease for the port of Conakry and 82% of duties in what was widely perceived to be a sweetheart deal.



Albayrak Group’s scandals in Guinea lay bare shady ties to Turkey's Erdogan - Nordic Monitor

According to a 2016 U.N. report, Favori LLC has inflated its expenses to maximize its profits, reporting revenue of $1.16M/month & expenses of more than $500K compared to revenue of an estimated $8M to $10M/month before it took over management of the airport.

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Doing so, Favori LLC has increased its revenue share from 55% to 94% and reduced the Somalia government share of the revenue from 45% to just 6%. This does not include even Decal Hotel revenue and other illegal revenues that were not part of revenue sharing per 15 yr concession.

The red circle area was supposed to be a parking lot for airport customers, but Favor LLC illegally built a hotel & shopping mall. It's not clear if the revenue generated from the Decale Hotel, which is a Somalia gov asset, is supplemental rev for Favori LLC.

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Favori LLC violated its contractual obligations by collecting illegal fees that should have been passed on to the Somali Civil Aviation & Meteorology Authority. The illegal fees include landing, air navigation, parking, passenger safety, freight, & fuel.

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Favori has also failed to reconstruct the airport’s main runway & neglected airport maintenance& safety...Issues that should have been addressed in 2013 are only now being discussed. Due to operation safety issues, Mogdisshu Airport could be closed.

This study is to bring awareness about the predatory practice of the Turkish gov and hope the public and politicians engage in open and honest discussions on Turkey's role in Somalia. The End.



Far from a benefactor, the Turkish government is exploiting Somalia’s fragility

A decade has passed since Turkish President Recep Tayyip Erdoğan landed in Mogadishu at the height of one of Somalia’s worst famines, announcing grandiose projects
 

TekNiKo

“I am an empathic and emotionally-aware person.
VIP
Great thread, I always suspicious of Favori when their Turkish head slapped a Somali employee and fired him back in 2016. It was very humiliating. Turks are there for their own interests but Somalis still bootyclap for them. I cant believe they are falsifying expenses to increase profit margins. Somali govt is so dumb wallahi, 68 IQ
 

Pwyneth Galtrow

𐒁𐒚𐒒 💙☆💚 𐒂𐒘𐒂𐒗
VIP
Great findings!

There is no such thing as an altruistic country, I always cringe when I see these TurkeyBoos.
 
Inshallah No Turki Flag Shall Rise High In Eyl Xamar Love Affair With Turkey Is Because Of Ummah Somalis Will Fall As The Last People Dying For A Farce

:damedamn::susp::lolbron::jcoleno::jcoleno:
 

SirLancelLord

Reformation of Somaliland
VIP
So Turkey owns 96% with nothing to show for...

Don't ever talk about the berbera port deal and they great benefits received.

Remember that contract was only worth £445 million.

DPW has so far spent 1.2bn. and only received 51% of port fees with custom duties staying with government along with their 31%.

Where all the money goes (corruption) is another issue but the jobs this development has created is far greater than what we predicted
 

mr steal your naag

banu hashim and shiettt
VIP
But but turki is helping somaliya😢😢 I put Turkish flag on my mooto bijaaj this news cannot be real😢
:russ: :mjhaps:



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