VENTURE capitalists in New York and London are pumping millions of dollars into Somalia’s booming pirate sector.
Personnel issues are now dealt with via mentoring and third-party arbitration
The sharp-eyed investors say Indian Ocean piracy has replaced Bangladeshi t-shirt factories as the developing world’s strongest source of high-growth revenue streams.
Julian Cook, head of strategy at Porter, Pinkney and Turner (PPT), said: “The margins are very impressive. These guys can board a Chinese freighter or Saudi oil tanker and turn it around in less than a week. Usually without killing anyone.
VENTURE CAPITALISTS INVEST IN SOMALI PIRATES
Daily Mash, November 2008