In Somalia’s main pirate lair of Haradheere, sea gangs have set up a co-operative to fund their hijackings offshore a sort of stock exchange meets criminal syndicate.
Heavily armed pirates from the lawless Horn of Africa nation have terrorised shipping lanes in the Indian ocean and strategic gulf of Aden.
The gangs have made tens of million of dollars from ransoms, and a deployment of foreign navies had only appeared to drive the attacker to hunt further from shore.
It is a lucrative business that has drawn financiers from the Somali Diaspora and other nations. One wealthy former pirate took Reuters around the small facility and it said it had proved to be an important way for the pirates to win support from the local community for their operations despite the dangers involved.
"Four months ago, during the monsoon rains, we deiced to set up this stock exchange. We started with 15 companies and are now up to 72. Ten of them have so far been successful at hijacking," Mohammed said.
"The shares are open to all, and everybody can take part whether personally at sea or on land by providing cash, weapons or useful materials — we’ve made piracy a community activity."
— Reuters
