HARGEISA (Halbeeg News) – The breakaway Somaliland and China-based sham bank inked Memorandum of Understanding on a billion dollar investment in the region.
Somaliland, a regional state in northern Somalia declared independence from the rest of the country, a unilateral proclamation which remains unrecognised the world over.
In an event held by the bank, the state’s Investment Ministry and Maxtor Bank signed the deal seeking to implement vast development projects in Somaliland, according to the signatories of the pact.
Somaliland Investment Minister, Mohamed Ahmed Mohamud who signed the MoU said the bank will handle the foreign largest investment in the region.
Speaking at the event, Mr. Mohamud said Maxtor Bank will invest in the tourism industry.
According to the MoU, the bank will finance in several areas including wildlife centres luxury hotels, supermarkets farms as well as universities.
Pseudo Bank Name
Somaliland authorities previously signed agreements with private companies to invest its areas, a move criticised by the federal government of Somalia.
Among the agreement are, Berbera military base and Berbera port deal signed with the government of United Arab Emirates.
The MoU between Somaliland and the so-called Maxtor was said to be shoddy, according to Hargeisa Based online media.
Somaliland Chronicle, an online media reported that it revealed the Maxtor bank to be non-existent financial institution after the media contacted China Securities Regulatory Commission (CSRC) and the Bank of China.
“Somaliland Chronicle has contacted China Securities Regulatory Commission (CSRC) and the Bank of China to try and find out more about Maxtor Bank and it turns out that they are not aware of the existence of this bank,” Somaliland Chronicle stated, “They suggested that we double check the name of the bank but assured us that Maxtor Bank is not on their registry.”
It further noted that they researched the authenticity of the institution and its entity but found no genuine name of the bank.
“In our research, the closest thing we are able to find to Maxtor Bank is UN Maxtor Bank, a website with very little information that was last updated in 2012 and few other entities with variations of the name United Nations Maxtor registered with various authorities in the United States and the United Kingdom,” it said.
Somaliland Chronicle has concluded its investigation that It was entirely possible that Maxtor Bank goes by a different name, “And it may be entirely possible that it is sort of a venture capital where they will be raising the funding from private investors.
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