James Michaels April 5, 2019
The yacht is one of many assets acquired through a multi-layered network of offshore companies registered by Offshore Incorporations Ltd (OIL) in Seychelles. There is a Reuters report online that the Seychelles Financial Intelligence Unit (FIU) actively assisted the international investigation but the offshore regulator Financial Services Authority (FSA) tried to block the release of the identities of the company owners and Directors. Over 50 Seychelles companies were set up as part of this fraud and the OIL office in Seychelles also set up companies in BVI for it. The current Government of Seychelles led by President Dany Faure blocked further cooperation with the international investigation in conjunction with the National Assembly (Seychelles Parliament) led by Ahmed Afif. They changed the offshore laws to make Seychelles offshore companies completely opaque to international investigations. The laws were introduced in Parliament by Afif and signed off by Faure. Seychelles has become the most opaque offshore centre in the world and its Seychelles office was the preferred office of Mossack Fonseca of Panama papers fame who registered thousands of anonymous companies there.