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Piracy Syndicates Feed Off Ransom Payments, U.S. Navy Chief Says

Piracy syndicates are selling shares in planned attacks, fueled by a surge of ransom payments that help attract investors, the U.S. Chief of Naval Operations Admiral Gary Roughead said.

Piracy syndicates in villages, mainly in largely ungoverned Somalia, solicit investors who buy shares in the attack missions and gain a corresponding share of ransoms paid by the shipping industry, he said.