Pontus Marine LTD- Leader of fishing industry in Somaliland

Tuesday, December 23, 2014

Somalia Questions Deal Giving Ex-U.K. Soldiers All Fish Rights

(Medeshi)- Somalia is seeking to renegotiate an agreement that gives a company run by former British soldiers sole control over one of the world’s richest fishing grounds off the longest coastline in Africa.

The deal, signed on July 25, 2013 with Mauritius-registered Somalia Fishguard Ltd., provided the company with an “extremely high” share of the revenue compared with similar agreements and failed to detail its investment commitments, Somalia Fisheries Minister Mohamed Olow Barow, said in a Nov. 21 letter, that also questions the length of the contract, obtained by Bloomberg.
Read more at Bloomberg