Seychelles by-elections won by opposition leader

Posted in Seychelles government at 1:47 am by Robert Klien

The Mont Fleuri constituency by-election was won by Seychelles’ opposition candidate, Jean-Francois Ferrari, when he was re-elected with more than 86% votes.

According to the official results from the Seychellois election commission, Democratic Party candidate Frank Elizabeth who is also from an opposition party got 12% of votes.

Voters had been urged by the ruling party, Seychelles People’s Progressive Front (SPPF), to boycott the poll. (SPPF) and former President Albert Rene had no candidate for election and called the by-election a farce and a waste of time. Mr Rene had asked voters from Mont Fleuri constituency not to participate at the by-election and rather use the election day for shopping.


BMI Offshore Bank launches operations in Seychelles

Posted in Offshore Banking, Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 10:24 am by Robert Klien

In July, BMI Offshore Bank (BMIO) has announced that its offshore banking operations in Seychelles have been officially launched.

BMI Offshore Bank is a joint venture between Bahrain-based BMI Bank and Seychelles-incorporated Nouvobanq. Managed by BMI Bank, the venture will deal with offshore banking and private banking services and provide access to trust and investment services for corporate and private customers who reside abroad.

To celebrate the launch, a special ceremony was held. The event was attended by Government officials, key businessmen related to the offshore industry, Chief Executive Officer of BMI Bank Andrew Bainbridge, Wholesale Banking Director of BMI Bank Karl Stumke and other bank representatives, media and guests.

Chief Executive Officer of BMI Bank, Andrew Bainbridge, said that the launch of the first offshore bank in the Seychelles is an important move. BMI Bank was established with a vision to form a universal bank with presence in selected emerging markets and this move is the way to achieve it. He also said that BMIO will be supported by the head office in Bahrain in order to run a successful banking operation in Seychelles.

Initially, BMI Offshore Bank will offer deposits and investments on varying terms, transactional banking from current and call accounts, and internet banking facilities. Then, new products including Debit and Credit cards, loan financing, trust business and a range of other investment products will be introduced.

A license to operate was received by BMIO from the Central Bank of Seychelles in March 2008.


Seychelles strengthens cooperation and bilateral relations with Mauritius

Posted in International Organisations, International relations, Seychelles government at 5:38 pm by Robert Klien

On July 10, 2008, the 8th Session of the Seychelles-Mauritius Commission on Bilateral Cooperation (SMCBC) ended. As a result, both Governments agreed to support each other and strengthen cooperation in order to boost bilateral relations.

The Seychelles delegation was led by the Minister for Foreign Affairs, Patrick Pillay, while the Mauritian delegation was represented by the Deputy Prime Minister and Minister of Finance and Economic Development, Dr Rama Sithanen.

The two countries have agreed that they will cooperate in the following areas:

– Regional Cooperation. Regarding aid for Trade and Economic Partnership Agreement, Seychelles and Mauritius have agreed to facilitate a strategic partnership between the two sides by the networks the countries are building, including the EPA with the EU and membership in both COMESA and SADC;

– COMESA Fund. Mauritius invited Seychelles to join the COMESA Fund in order to build a strategic relationship between the two sides, as well as to benefit from regionalisation and globalisation initiatives underway;

– Regional Multidisciplinary Centre of Excellence. Seychelles requested the support of Mauritius to set up a University in Seychelles;

– Cooperation in the fisheries sector. Seychelles and Mauritius have agreed to urgently examine the impact of the World Trade Organisation (WTO) negotiations as well as the bilateral negotiations between the EU and the ASEAN countries.

It is also worth mentioning that Seychelles Minister for Foreign Affairs, Patrick Pillay underscored the fruitful exchange programmes in banking, education, social development, tourism and fisheries between Seychelles and Mauritius.


Mutual Funds Legislation updated in Seychelles

Posted in Financial Services, Mutual Funds, Offshore Services, Seychelles legislation at 8:59 pm by Robert Klien

The Central Bank of Seychelles has recently announced that Seychelles’ Mutual Fund Act has been updated. To build on the success of the financial services industry, Mutual Fund Act has been redrafted in order to plug gaps in the previous mutual funds legislation as well as to allow local financial service providers to tap into the multi-trillion dollar offshore mutual funds industry.

The redraft has been undertaken with a view to enable companies working in the financial services sector to offer services to mutual funds investors, which combine the assets of many investors in order to create larger funds for investment in stock exchanges and money markets as well as other investment opportunities.

The original legislation came into force in 1997. This was the beginning of mutual funds development.

The global mutual funds industry was estimated to be worth USD 26.2 trillion by the end of 2007. The industry has surpassed any other offshore business structure. It is growing at an average of 1 trillion USD per year.

It is also worth noting that the newly drafted legislation is aimed at bolstering banking and legal services for mutual fund operations.