On December 20th, 1994, Francis Chang Sam, drafted a lease
for 99 years between the Government of Seychelles and the ISLAND DEVELOPMENT
COMPANY LIMITED (IDC).
The Managing Director of IDC at the time was Mr. Glenny Savy
and he signed the lease on behalf of IDC.
Joseph Nourice, signed on behalf of the Government of Seychelles. Chang
Sam who is quiet, but is becoming known to do a lot of these cozy deals for the
powerful prepared the lease documents and acted as a Notary.
 |
| Shareholders and Directors of IDC |
Chang Sam was also a Board member of the Central Bank of
Seychelles, long after he departed as Attorney General, and was paid to handle
the Lehman Brothers Bond transactions on behalf of the Government of
Seychelles. The Bond transactions of course, led to our national bankruptcy as
a country in 2008 when Government of Seychelles, defaulted on the Bonds and
could not make a $3 Million installment payment.
Lease Term 99 Years at One Go
The lease consideration for a 99 year lease was Rs. 1.00. No
other payment was made.
The Lease included all buildings and all existing
infrastructure on the following islands, many of which Mr. Savy has gone on to
sign off sales and subdivisions and made numerous transactions.
All along, we were given the impression that these islands
are being cared for by IDC, for the people of Seychelles.
Are they being cared for or are they being milked?
Name Those Islands for Rs. 1.00
The islands that went for One Seychelles Rupee in One
transaction for 99 years, to one company managed by one man, is as follows
according to the transcription Volume TB 8 No. 214 , Registration Vol. B 33 No.
1219 , dated 20th January 1995 are: 1. Silhouette, 2. Ile Platte, 3. Desroches
(of the Amirantes Group), 4. Remire (of the Amirantes Group), 5.Marie Louise (
of Amirantes Group), 6. Desnoeufs (of the Amirantes Group), 7. Poivre Atoll, 8.
Alphonse and St. Francois Atolls, 9. Providence Atoll, 10. Farquar Group of Islands
11. Cosmoledo Atoll.
Stamp Duty “Free”
To add insult to injury, no valuation of assets on the
islands were made. No valuation of the islands themselves made. Finally, no
stamp duty was paid. Under the Stamp Duty Ordinance, section 6 and 20 Revenue
Stamp it reads: “FREE”.
D’Arros Island Group
In the matter of the Bettencourt properties of the D’Arros
Island Group bought from the Palavi Family of Iran, her lawyers had estimated
and valued that island group to be worth Euro 1 Billion, and formed a
significant portion of her real estate holdings in terms of value.
Given that D’Arros is worth almost Euro 1 Billion, what
value could we place on the islands given for 99 years for Rs. 1.00 to IDC, a
company that Mr. Savy will likely now try to control for life, for obvious
reasons.
Restriction of Assignment
One interesting article of the lease is the restriction of
assignment of any interest on these islands without the written permission of
the Republic.
Has the Government of Seychelles approved of all the land
sales on Desroches Island and the other islands? Why is Glenny Savy also a
director of Desroches Island Lodge Ltd; is that not a conflict of interest? Is
this the Government of Seychelles policy, to sell interests in the Outer
Islands and promise year in and year out to build little self catering huts for
local Tourism? Apparently the government pays SR800, 000 per month rent for the
use of Marie Louise as a prison holding facility; a nice little earner. The
government also pays SR85, 000 to IDC for each flight when transporting
prisoners.
Complaining about Glenny Savy Acting like a President on
Outer Islands
Those who complain that Glenny Savy acts like the President
of the Outer Islands can now stop crying. The deed of Transaction that Albert
Rene ordered, before he left, soon after multi party was announced, allows Mr.
Savy to do what he wants to the Outer Islands. You will likely have to bring
him a tin can of bully beef each time you visit if he so commands you. The
Outer Islands and Silhouette have been divested from the People of Seychelles,
for 99 years, thank you SPPF.
Now we know why IDC offices are referred to as STATE HOUSE
at Newport.
