Pirate Investing
A new stock exchange is experiencing astonishing growth on the African continent: the Somali Pirate Exchange. Having quickly grown from 15 to 72 ‘maritime’ firms, the exchange allows local residents to contribute supplies, manpower, or funding to piracy efforts. With 10 successful ransoms paid, the exchange has offered an impressive return on investment to financiers from Somalia and neighboring countries.
Taking place in a small fishing village, Piracy has dramatically affected the local economy. According to Reuters:
“Piracy-related business has become the main profitable economic activity in our area and as locals we depend on their output,” said Mohamed Adam, the town’s deputy security officer.
“The district gets a percentage of every ransom from ships that have been released, and that goes on public infrastructure, including our hospital and our public schools.”
With piracy efforts commanding up to $4,000,000, a single ransom plays a dramatic role in changing the wealth of investors. One investor in the recent Spanish ransom hijacking received over $75,000 for her investment of a rocket-propelled grenade.
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