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World Bank-Backed Committee Urges Somalia to Nix Fish Deal

  • Uncertainty over company's role 'interfering with development'
  • UN Monitoring Group says Somalia selling licenses to China
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A World Bank-backed committee criticized a deal in which a company partly owned by Saladin Security Ltd. was granted the rights to manage all aspects of Somalia’s fishing industry and said it should either be scrapped or renegotiated with reduced scope.

Giving Mauritius-registered Somalia-Fishguard Ltd. responsibility to sell fisheries licenses and conserve the Horn of Africa’s fisheries resources is “a potential conflict of interest,” the Financial Governance Committee said in a report to donors. The report was given to Bloomberg by an official who has knowledge of the discussions and was confirmed by a member of the committee. Both asked not to be identified because the document isn’t public yet.