Seychelles inflation at -3.2% in year to March

Posted in Business and Economy, Seychelles' statistics at 3:00 pm by Robert Klien

Seychelles’ year-on-year inflation dropped to -3.2% in March from -0.6% in the previous month, the statistics office said, driven lower by a sharp fall in fish and other food prices.

Month-on-month inflation stood at -0.2% in March compared to 0% in February, the National Bureau of Statistics (NBS) said in a statement.


Norway says DNB Bank must explain Seychelles policy

Posted in Business and Economy, Offshore Banking, Offshore Services, Seychelles companies, Seychelles offshore jurisdiction at 2:24 pm by Robert Klien

Norway’s biggest bank DNB must provide a written explanation of its policy of helping clients register offshore companies in the Seychelles, the Norwegian industry minister said in a statement on April 4.

Trade and Industry Minister Monica Maeland said: “DNB says this should not have happened and that the bank should not have participated.”

The Norwegian government is the bank’s top owner with a stake of 34%. DNB’s Seychelles activities were first reported by daily Aftenposten, quoting leaked documents from Panama-based law firm Mossack Fonseca.

The leak involves more than 11.5 million documents from the files of the law firm, revealing details of hundreds of thousands of clients in multiple jurisdictions.

DNB said in a separate statement it regretted assisting about 40 customers in establishing the offshore companies between 2006 and 2010, and that the practice had ended.


Seychelles to limit Presidential Term

Posted in Seychelles government, Seychelles legislation at 2:20 pm by Robert Klien

On April 5, Seychelles parliament voted to amend the constitution and limit presidents to two 5-year terms in office, in contrast to wider Africa where many presidents have sought to extend term limits.
The jurisdiction’s nation elected James Michel as president in December 2015, giving him a 3rd term in office, but among the promises he made during his campaign was to ensure the change in the law.

The amendment required 2/3 thirds of the 32 lawmakers to vote in favour but all sitting members are from the ruling party except opposition leader David Pierre, who also supported the change. Pierre said that this amendment will give a chance to younger politicians to wait 10 years instead of 15, in order to contribute to the development of the Seychelles.

The new amendment will come into force at the next elections, when the incumbent president and vice president will not qualify to run for these positions.