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Opinion: Trump’s Turnberry is a loser in Aberdeenshire, while Energetica is winning!

In 2008, the business-mogul, the American businessman and Golf Estate builder Donald J. Trump came with giant promises and that a modern golf field in and around Aberdeen would not only be profitable, but also become a major boost of the economy in the North Eastern of Scotland. Now years after and thanks to ‘the Ferret’ and Rob Edwards tireless seeking of information. There are now evidence of the operation the last two years. This after the troubles with neighbors and destruction of the dunes. An environmental disaster done for supposed benefits of business gained by the golfing operation and the hotel on the property. Clearly, this has not happen.

Because on 12th July 2017, the Ferret got the information from the Aberdeenshire Council. This documents that was delivered are revealing of how the lacking promises are delivered to the North Eastern of Scotland. The Trump Organization evidently pumped their swagger-up and sold their tricks of trade without actually having what it takes to build a profitable and establishment worth visiting.

In 2014, the Golf Recreation Scotland Limited or the Turnberry at Minnie in Aberdeenshire lost before taxes £ 3,603,000. That is not a positive results, neither is it in 2015, when the company lost before taxes £ 8,396,000. So the business there isn’t cracking or growing, it is actually going terrible. Within two years lost nearly £ 12 million British Pound. That is not small pocket change and also worrying since the promises made are not in this regard.

Another fact from the document are that in 2014, the whole company had 344 hired, operating staff was 305 and 39 administrative. So as the time goes in 2015, the total staff is 337 working there, operating staff 297 and 40 administrative. Therefore, the company isn’t really big or having a strong impact of jobs, considering this was supposed to be a place that boosted economy. Not only is the golf-course losing money, it is also being short staffed and having few people hired.

The salaries in total has gone from £ 6,796,000 in 2014 and in 2015 it was £ 6,020,000. Therefore, the salaries paid out to the staff isn’t substantial for the changes of environment. The boost of the Aberdeenshire, is not happening now or near future. As the Turnberry at the Minnie.

The profits after the cost of sales in 2014 are £ 3,454,000 and in 2015 it were £ 3,725,000. So the profits have not really gone up. Even if the turnover went from £ 9,209,000 in 2014 and in 2015 it went to £ 11,410,000. Even if the turnover went up with £ 2,000,000, the profits went only up about £ 300,000. So the percentage after cost are minimal. This with the concerning level of staffing. It seems like the Turnberry isn’t made profitable or neither operational in a way that they promised the Scottish government in 2008.

Also, because of the issues with the profits, turnovers and the salaries. The taxation for 2014 were supposed to be £ 774,000, but because of losses they paid none. The similar was in 2015 it was £ 1,697,000, but because of the losses the there were none. So the Aberdeenshire and the North East of Scotland. Has really not earned a dime on it. The salaries haven’t been substantial either.

That this isn’t substantial in any sense that in Aberdeenshire alone, it is over 261,000 people. The total employment is at 132,100. The Turnberry or the Golf Recreation of Scotland and was in 337 people. Therefore, the promises was not kept. While Donald Trump has claimed the Energy building and the wind turbines destroying his business.

With the stark difference to Aberdeenshire Council:

Energetica has attracted £260 million of a potential £750 million investment in its first five years. Construction spend of over £500 million (present value – PV) is expected across the Energetica business parks over the next 20 years. The gross jobs accommodated by new business space on the

parks could be expected to generate around £5.1 billion (PV) gross GVA per annum in 2025. New business space expected to be developed on the Energetica parks could accommodate around 12,400 jobs by 2025” (Aberdeenshire Council – Aberdeenshire Coucil, July 2016).

Therefore, the Energetica actually spends monies in the area, they will hire up to 12,400, which is massive amount of workforce. Also possible adding 12,400. Can doubt a golf-course that is already running badly, will get turnover or even since it losses money. The Energetica will spend fortunes and also generate money in Aberdeenshire. Totally different from what the golf-course will generate. The destruction of the Minnie dunes for the Turnberry clearly hasn’t paid-off.

Golf Digest in 2016 had this statement on the place: “Here is what Turnberry is not: A traditional, lay of the land, or lovably quirky links. The course, which has been through many iterations in between its use as an air base in times of war, has always been fairly straightforward, a fine examination of many shots with beautiful views” (…) “Turnberry makes no apologies for being an Americanized version of an authentic links. Trump added the same 10 foot wide ryegrass walkways that he insisted on through the dunes at Trump International in Aberdeen. While perhaps too clean and carpet-like for most, they do add an elegance to walks as your approach Ebert’s square tee boxes (which fight the landcape a bit)” (Geoff Schackelford – ‘DONALD TRUMP’S TURNBERRY: THE PRESIDENTIAL NOMINEE DELIVERS WITH HIS RENOVATED AYRSHIRE COURSE’ 20.07.2016).

So clearly, his vision has to improve the experience, but business-wise it has been pathetic. With time the Trump Organization might earn monies on it. But right now, the promises are not kept. Neither, seems to be possible, the one that will make difference and boost to Aberdeenshire is the Energetica investments into clean-air and windmills in sea. Peace.

President Kenyatta orders that imports of Sugar and Milk Powder to be tariff free until August 2017, who in the Jubilee will eat the spoils?

President Uhuru Kenyatta finally found a solution to the rising the prices and inflation on basic foods. Therefore on the day there is 30,000 tons Sugar coming in at Mombasa this morning.

This after the first Executive Order of Kenyatta this year said: “That the drought and the famine in parts of Kenya is a national disaster, duty shall not be payable for the following items- 

(a) Sugar imported by any person, with effect from the date of Notice to the 31st August, 2017; and

(b) nine thousand tonnes of milk powder imported by milk processors, with the authority of the Kenya Dairy Board, with effect from the date of this Notice to the 31st August, 2017 Dated the 11th May 2017” (The Kenya Gazette, Vol. CXIX – No. 62, Nairobi, 12th May 2017).

So as this happens, you can wonder if the Sugar millers and Sugar exporters are connected with the government. Since the 30,000 tons just appear on the day after the gazette. That means, someone knew about the plans of the government and let it happen. It isn’t just appearing from the sky, that a holy angel sends 30,000 tons of sugar to Kenya and the Port of Mombasa on the day after the Executive Order was signed and than relieved to the public by Cabinet Secretary for the National Treasury Henry Rotich. He is just a useful CS, who certainly will have his pieces of deliverance of all the duty free goods.

That the government, close connections with the Jubilee government and the Sugar cartels will surely gain profits on these exported foods. This been in a country where the tariffs has been a 100% on Sugar and added VAT 16 %. Therefore, this reactions seem to be a ploy to earn monies on gullible people and think that the people will take it as goodwill. This is happening at the same time, as the prices on sugar is still on a two year low worldwide. President Uhuru Kenyatta and Deputy President William Ruto, might think the Kenyans doesn’t see through this. But they should question the companies, the boats and who orders the duty free goods to Kenya from today and until 31st August.

Like who earns the profits on the sugar and the milk powder in these months. They are clearly planning it and not only for the famine and drought. But for sole purpose of gaining massive amount of funds in the period of campaigning. This just appearing and ordered in the critical time. The Jubilee government doesn’t know how to be subtle. Can wonder if any of the corporations and importing businesses owned by the Kenyatta’s or Ruto’s would benefit from this. I wouldn’t be shocked, neither if anyone else of the Jubilee government got a payday and huge amount of Bob’s in their accounts. Peace.

The law: 

Kenya: At the moment, Sugar is not sweet for Jubilee!

The prices of Sugar in Kenya is special experiment, as the taxation on imports of sugar is a 100% and also 16% VAT on the sugar imported. Secondly, the industry is controlled by the state, there been talk of privatization of millers owned and the Kenya Sugar Board who regulate the industry. As well as the Ministry of Agriculture is making sure the output of the farmers are corrected.

Therefore, as the prices worldwide is sinking and going-low, the prices of sugar are going up. This is happening in the months right before election time.

The government must know the industry is struggling as the only private miller Mumias are again on a downward spiral:  Already, the miller has been closed for three months. According to managing director Errol Johnson the closure was meant to fix equipment, which had contributed to the company’s poor performance due to inconsistent maintenance. The closure from April 11 came barely a month after the cash-strapped miller received Sh239 million from the government, as part of the bailout strategy” (BiznaKenya, 2017).

That the Mumias miller proving the big-problems in the Sugar industry, as it has been evident for years. The agricultural output and yields haven’t been the issue alone, it is denial of the state to figure out working changes to the millers, the import and also control it has over it. That the government has the oversight and the insight to the issues, are clearly that the Jubilee haven’t been interested in-changing it, as the benefit of this system. Therefore, President Kenyatta and Deputy President Ruto hasn’t touched it or done anything else than bailing out Mumias on the last dive of the company. Therefore, the reports shown here. Proves the initial factors to the grand issues and why the prices are sky-rocketing, while the international prices are falling. Take a look!

Barriers for Sugar Productions:

Sugar milling is a high fixed cost business requiring substantial economies of scale in cane crushed to break-even” (…) “Existing relationships of patronage between governments and large milling companies serve to align the incentives of government and millers such that new entrants would find it difficult to compete with incumbents and obtain the same benefits” (Chisanga, Gathiaka, Onyancha & Vilakazi, P: 12, 2014).

Government ownership in the sector remains large, despite higher relative efficiency in the private sector and long term plans for privatization. While some privatization has taken place over the past decade, government-controlled factories held a 37 percent production share, with additional non-controlling shares in other firms. Part of the argument in favor of privatization is the relative efficiency of production in private mills over those controlled by the government” (…) “The local sugar milling market is quite concentrated, and combined with the barriers to trade this suggests that the largest players have significant power over prices. Mumias, the largest sugar company, had a market share of 38 percent of domestically produced sugar in 2011, lower than its typical market share due to cane shortages. Combined with the government-controlled share of the industry, this implies that essentially two entities control at least 75 percent of local production. The shares of local producers in domestic market sales vary quite widely depending on the period, as the volume of imports fluctuates a great deal. For example, Kenya Sugar Board data from the first two quarters of 2012 show importswere approximately 33% of local production” (Argent & Begazo, P: 5-6, 2015).

Kenya National Bureau of Statistics, a government (Jubilee) body, reports that 2.2 million Micro Small and Medium Enterprises (MSME) have closed shop in kenya over the last five years. These are some of the reasons that inform our opposition to Jubilee. Personally, I think Uhuru and Ruto are fine Kenyans; wonderful husband to their spouses; incredible fathers to their children; and great benefactors to their elite friends, but have terribly failed in the duties of the office of the presidency” (…) “All sectors of Kenyan economy has been negatively affected by the floods of cheap imports, brought into kenya by unscrupulous businessmen connected to those in power, having unbridled freedom to import anything of their choice without paying taxes: From sugar industry; to textile; to agriculture, denying kenya the much needed revenue for development. Over the weekends, the leaders behave like Frank Lucas, donating part of the proceeds from these imports to the same societies they are killing by giving out these import certificates” (Sadat, 2017).

That the government haven’t made sure the industry and financial markets been sufficient is proven with the macro problems in Kenya. The import sanctions together with the stronghold control of certain millers and Kenya Sugar Board, there are patronage and cartels that sets the prices and the payments for the yields. Together with the storage and cane production that is initial to the issues that are there today. That President Kenyatta and DP Ruto hasn’t taken charge and paid amends is the reason for the prices at this point. That the Sugar Barons, Sugar Cartels and Sugar Companies are connected with government is understood as the politicians are taking handouts from them as well.

As the COFEK open letter to Kenyatta said so well and I will end with:

No one in your government can categorically state how much stocks are being held in the strategic grain reserves. Casual talk of wanting quality of the same maize, from the millers lobby, heightens speculation that your government is unwilling to walk the talk on cutting the cost of living. As things stand, it is fair to say that your Government has taken a holiday on consumer protection as cartels take over the all-important food security sector. It follows that your government, is therefore, in breach of Article 46 of the Constitution you swore to protect. Needless to mention, it is a tall order for you to protect and uphold the sovereignty, integrity and dignity of the people of Kenya if they remain hungry – with a single or no meal at all, thanks to the high cost of living. Your government supposedly offers huge subsidies to farmers through farm inputs like fertilizers which do not get to them. It’s the middlemen and cartels who end up smiling to the bank as farmers toil in vain” (COFEK, 2017).

Peace.

Reference:

Argent, Jonathan & Begazo, Tania – ‘Competition in Kenyan Markets and Its Impact on Income and Poverty – A Case Study on Sugar and Maize’ (January 2015)

BiznaKenya – ‘Mumias Sugar to close indefinitely over cash problems’ (08.05.2017) link:https://biznakenya.com/mumias-sugar-close-indefinitely-cash-problems/

Chisanga, Brian; Gathiaka, John; Nguruse, George; Onyancha, Stellah & Vilakazi, Thando – ‘Competition in the regional sugar sector: the case of Kenya, South Africa, Tanzania and Zambia – Draft paper for presentation at pre-ICN conference, (22 April 2014)

Consumers Federation of Kenya (COFEK) – ‘Cofek open letter to Uhuru Kenyatta on high cost of living’ (02.05.2017) link: http://www.cofek.co.ke/index.php/news-and-media/1718-cofek-open-letter-to-uhuru-kenyatta-on-high-cost-of-living?showall=&start=1

Sadat, Anwar – ‘REVEALED: WHY The ECONOMY is Almost COLLAPSING Under Uhuru Jubilee Regime, GoK’s Kenya Bureau of STATISTICS Exposes Shocking Numbers’ (07.05.2017) link: https://www.kenya-today.com/opinion/revealed-economy-almost-collapsing-uhuru-jubilee-regime-government-body-kenya-bureau-statistics-exposes-shocking-numbers

Confidential reports stern warnings about the Italian national bank debt ratio and possible damaging scenarios when restructuring it!

italianbank

The Astellon Capital Partners report on the Italian nation debt is troublesome, as the reports are indicating troubled waters ahead for controlling the debt and repayment on the defaulted loans. This will create other higher issues than only the Greek debt and interest-rates from Brussels and Berlin. The Italian and Rome problem will cause monetary effects for all of Europe, as the debt are like his:

“1980 –1995: Debt / GDP increased by 64%, due to high interest rates levied by Bank of Italy to fight inflation and promote exchange rate stability of Lira within European Monetary System, precursor to the Eurozone” (…)”1995 –2015: Debt / GDP increased by 11%, due entirely to debt servicing costs as Italy ran a primary fiscal surplus over this period” (Astellon Capital Partners, P: 2, 2017).

The continued pressure of the Italian debt is showed with the average primary balance since 1995 have been 2, 1% and the average interest costs of the GDP have been 5, 5%. “Italy among the most fiscally sound member states in the Eurozone, yet also among the most burdened by interest costs” (Astellon Capital Partners, P: 3, 2017).

These numbers are not really positive at all, as the high interest rate by the Bank of Italy together with the rise of debt servicing that increased 11% alone in a decade. That the Italian state have the amount of costs of interests amounting to 5,5% says lots of the economic pressure on the budgets and fiscal policies within the government structures. This does not like a prosperous and strong economic situation.

The report continues with more worrying numbers that the Italian labour costs are 11% higher than rest of the EU average. Certainly also that the average productivity of the labour are 12% lower than the Eurozone average. So you got higher paid workers that work less, which also isn’t strengthening the economy.

That the Italians bank’s they have deflated badly loans that has gone from under 5% in 2005 to the running value of close to 15% in 2016. So that the European Central Bank have bought into the government debt issuance: “2014 –2019: At current government debt net issuance rates and announced QE levels, ECB will have been responsible for financing 100% of Italy’s deficits from 2014 –2019”. This is if the debt is: “Assumes €50bn annual run-rate of government net debt issuance” (Astellon Capital Partners, P: 6, 2017). That is a hefty sum when considering all the other fiscal issues that already put forward.

“Substantial increase in non-bank net purchases of Italian debt required ECB and Italian Banks acquired 88% of government debt net issuance since 2008. Over next six years non-banks will need to increase purchase activity to 7x that of past nine years” (Astellon Capital Partners, P: 7, 2017). So a nation that struggles with high paid performance with low productivity are suddenly needed to get the workforce to 7 times higher purchase activity, meaning the production and selling has to increase seven-fold if the state should have ability to sustain the defaulted debt that has increased and the debt the ECB has bought. Together with the Italian Bank gold-reserve which is lower than the stated and needed figures to be sufficient. The bank has gold-reserves by today’s value about €100bn, but by the ECB agreement need to collateralised that needs to be up to €350bn. That the report claims to be only 25%; while the assets are dwindling too and that is also worrying!

The Assets have from 2011 gone from being around 0% or none, to 2016 when the assets of the Italian bank is now in 2016 -20%. Because this have come a German proposal to avoid an new Argentine Bank collapse case. As the Italian Bank are required independent assessments of debt sustainability.

The great risks for Italy and the Italian republic are these scenarios. Like the hedge funds can buy into with high risks and yields through BTP yields during the 2016-2017. Second scenario in 2018 is that the ECB or European Central Bank will be a marginal buyer of the government bonds and buying debts. Third scenario is that the Italian Banks becoming net-sellers and therefore losing their assets with less of profits in the 2016-2017. Last scenario is unilateral re-profiling or re-domination or some form of Greek-Haircuts by 2017-2018, that means trade-offs and cutting taxes to try to revamp the economy (Astellon Capital Partners, P: 21, 2017).

With these numbers and situation, there are certain men in ECB and in Italy that is worried. The strength and sovereign nation of Italy has to find ways of restructuring the debt and assets. What is certain is that the debtors cannot take it easy on this one. The Italian debts and reserves are worrying as the debt has to restructure and the focus on how the Italian republic has to get more productivity and create more production so the taxes and debt per GDP can go down. This will be painful for the Italian state and their government institutions, together with all the debt and bad-debt that the state has to cover, because the banks cannot afford to lose all of these fiscal funds. There have to be a revolution of something if the Italian republic and its workforce are able to 7 times higher purchase activity. That will not come easy and how they will ever achieve that must be by a unicorn arriving and spinning the Fiat wheels of Torino more than ever before; even getting the world more hooked on Milan fashion design or Illy coffee. Peace.

Reference:

Astellon Capital Partners – ‘Q1 2017 Notes No. 24 – Ciao a tutti: An orderly restructuring of Italian debt’

DNB Nor plan of setting up a Carlson Funds as a “Societe Anonyme” (S.A.) to initially save taxes and write of their subsidiary in Luxemburg; they might claim differently to save face, but the agreement with Luxemburg Authorities says otherwise!

Biathlon Ad Vital DNB

The Company in Scandinavia famous for getting George Clooney to be parts of their commercials and being synonymous with the Norwegian National Team of biathlon, making Ole Einar Bjørndalen wearing a Vital hat to the races and competition as a display of one of the main sponsors of the National Team. That is ordinary in sports, and is ordinary in the time we live in. So that a big bank is supporting a National Team is everyday event, but that is not what I will write about and discuss. As I got to read one of the papers in the Panama Papers leak. Here it is and hope you can see how DNB Nor ASA used the opportunities for meager taxation and higher earning for their subsidiary.

Before you continue her is a classy ad from the company:

Now we will see how the Norwegian Company can also be a little greedy and trying to avoid taxes in Norway, but still earning the profits and having accounts, but using the PriceWaterCoopers (PWC) offer for a Shell Company in Luxemburg to save taxes and still keep the funds in safety in Luxemburg. That is the grand DNB Nor who is the largest bank group in Norway.

Here is how they do it, and it is epic ways of using the shell-companies to avoid Norwegian tax regime and use a Corporate Fund that is a S.A. “Societe Anonyme” as financial company in Luxemburg to simply benefit from the specific tax status for a company in Luxemburg instead of the Norwegian one. Let me take you for a ride!

What is the Carlson Fund Management Company S.A.:

“Carlson is a Luxembourg resident company incorporated on August 14, 1990 as a limited company (“Societe Anonyme”) in order to develop the German and other European markets” (…) “Carlson is a company of DnB Nor group (hereafter the “Group”). The Group is Norway’s largest financial services group with total combined assets of NOK 1,834 billion. It includes strong brands such as DnB NOR, Vital, Nordlandsbanken, Cresco, Postbank.en, DnB NORD and Carlson” (…)”Carlson is part of the life and asset management branch of activities of the Group, DnB NOR Asset Management. It is Norway’s largest fund manager and has a leading position within discretionary asset management for institutional clients in Norway and Sweden” (…)”Until July 28, 2006, the purpose of Carlson was the creation, management and administration of a unique fund, Carlson Fund, created in Luxembourg on August 31, 1990. In this respect, based on the Luxembourg law on UCis, Carlson benefited from a specific tax status exempting the company from Luxembourg corporate income tax, municipal business tax and net wealth tax”.

You think that is saga in the making just see what more they did to secure lesser tax in Norway and close to none in Luxemburg, because corporate greed is what makes the world run like Ussain Bolt!

“By resolution of the Extraordinary General Meeting (“EGM”) held on July 28, 2006, Carlson has amended its by-laws in order to comply with the law of December 20, 2002 transposing the UCITS III Directive 85/611/EEC into Luxembourg law. Since the EGM, Carlson has been responsible for the management and administration of several investment funds. Carlson currently manages a portfolio of funds under 3 fund umbrellas: Carlson Fund, DnB NOR Fund and more recently DnB NOR Part II Fund since February l, 2008 (hereafter the “Funds”)” (…) “As from the date of the EGM (i.e. July 28, 2006), Carlson became subject to an unlimited tax liability and is considered as a newly incorporated entity for tax purposes”.

DNB Bankkort

You think that is bad and telling how the Carlson entity of Luxemburg, which funds and fueling money from the DNB Nor and their subsidies and banks in Norway. As he Tax is high here for any profitable business, this kind of transaction and order clears lots of funds from the Company and banks, which gives higher profits, because of less tax as they follows through consultation to follow the exemptions laws in the tax-haven. Here we go!

How do they secure the tax-exemption with the laws in Luxemburg?  

“Based on article 35 (4) of the Luxembourg Income Tax Law (“LITL”), when a company becomes taxable, all its assets and liabilities have to be valuated, at the time of the conversion, at their fair market value The assets and liabilities concerned are those “contributed” to the fully taxable entity, including intangible assets (article 59 (2) LITL)” (…)”the tax balance sheet has to take into account all the assets and liabilities of Carlson (i.e. the whole assets and liabilities whose, by nature, intend to serve the activity of the company2) including the valuation of the management contract. The administrative doctrine precises that is assimilated as an asset all the potential assets that can be exploited in the context of the activity of the company and with an individual economic value” (…)”Carlson has to revalue its capital in its opening tax balance sheet. The revalued capital includes the share capital of the formerly tax exempt company, the reserves accumulated by Carlson until the moment of the conversion, as well as the revaluation reserves resulting from the step-up at the moment of the conversion. The revalued capital is treated as “fiscal capital” in the hands of Carlson from a tax point of view. Any repayment (of part) of this “capital” to Carlson’s shareholders will therefore not be subject to withholding tax in line with the provisions of article 97 (3) b LITL”.

Now we have seen how the DNB Nord have put a S.A. Society Anonyme with the Carlson Funds to drop money into the Tax-Haven of Luxemburg as the DNB thinks the suits of Luxemburg to perfection and wondered if Barney Stinson bought suits made for Luxemburg.

DNB set up the Society Anonyme is set up with a new “EMG” to get unlimited tax-liability in Luxemburg. So the advice made the funds from the company under the Carlson from the time of the board-meeting by law of the 28. July 2006. The continued thing they did was to take their assets and monies fueled into the Carlson Funds, so the liabilities together with all of contracted value and management in the tax-balance sheet. So there fueling of moneys into the Fund is also fiscal capital and because of the status of the S.A. hide more in the secret company there.

DNB Nor

Then the control of Carlson Funds is by all means controlled by DNB Nord as written here:

“As an example, a major part of the support activities (e.g. accounting) is done in close collaboration with the members of the Group located in Sweden/Norway. Moreover, the members of the team managing Carlson in Luxembourg are all senior officers originated from the Group. Consequently, the distribution of the Funds in Luxembourg is mainly performed thanks to the support of the Group”.

Here is what the group is supposed to pay in tax:

“Taking into account the total 2006 and 2007 value of the business compared to the total 2006 and 2007 annual profit before tax, Carlson will pay an annual and arm’s length remuneration in accordance with articles 56 and 164 (3) LITL to the Group for its support representing 65,92% of its annual profit before tax” (…) “Carlson will benefit from such retrocession of fees over a period of 10 years. As the taxable activity of the Company started in 2006, we propose to recognize such retrocession as from August I, 2006 until the financial year 2016” (…)”The computation of the percentage of notional retrocession of fees will be subject to a supervision period of 4 years (2006-2010). In case of significant/major changes in the business in Luxembourg, Carlson commits itself to inform the Luxembourg tax authorities of any significant changes that would modify its business and/or its tax position in order to agree on the more appropriate tax treatment”.

If you wonder what retrocession means that is planned underwritings of the earnings of the company. Underwritings or retrocession is usually a volunteer act of a company to return property or ceding property, though usually by request and not by forced transaction. Also the underwriting is also done to diversifying assets by consolidating them amongst the stakeholders. That means the last one the percentage of the company which is 65 % of the profits of DNB NORD’s Carlson Funds will dived 65% of the funds to the stakeholders of the company. Initially meaning that the Stakeholders or the Owners  of the DNB NORD and that before any tax in Luxemburg, which is beautiful business model for the Stakeholders and for the ones owning DNB, and by literal controlling Carlos Funds.

The Company found another way to dodge a little more tax:

Net Wealth Tax: As no intangible asset is recognized in the tax balance sheet of the Company, there is no increase of the unitary value of Carlson for net wealth tax purposes”.

This is initially saying that since they have not written any assets of value when they started to operate, therefore they does not have assets or monies worth to be classified for the Wealth Tax Purposes in Luxemburg. Here was yet another way of using the loopholes in Luxemburg to get even less taxation and a favorable way of using the tax-system there.

This article in the middle of the charter of Carlson Funds says the truth of the company:

The purpose of the corporation is the creation, administration and management of one or several Luxembourg and/or foreign collective investment funds in transferable securities authorized according to the Directive 85/611/EEC, as amended (”UCITS”) and of other Luxembourg and foreign collective investment funds not covered by trus Directive (“UCI”) (all together the “Funds”) on behalf of their unitholders or shareholders in accordance with the provisions of chapter 13 of the Luxembow-g law of December 20, 2002 on undertakings for collective investment, as it may be amended from time to time (the “2002 Law”) , and the issue of certificates or statements of confirmation evidencing undivided co-ownership interests in such Funds. The corporation shall manage any activities connected with the management, administration and promotion of the Funds. It may on behalf of the Funds, enter into any contracts, proceed to any registrations and transfers in its nam~ or jn third parties’ names in the register of shares or debentures of any Luxembourg or foreign companies, and exercise on behalf of the Funds and the holders of certificates of the Funds, all rights and privileges, especially all voting rights attached to the securities constituting assets of the Funds. The foregoing powers shall not be considered as exhaustive, but only as declaratory”.

EuroOK

This here says enough of the practices of the Norwegian Banking group of DNB Nor or DNB Nord ASA had a subsidiary for recess their tax-operation and use the lucrative opportunities for keeping the profit without having issues with the Tax-regime in Norway. As the Norwegian rules and tax-regulation without studying them is stricter and has to be stricter than this. Because the end of the Tax contract with Luxemburg disclose the information where they are planning not to pay for their “Net Wealth Tax Due”. So even if the funds grow massively and the monies invested in the Carlson Funds, the opportunity to underwrite 65 % before the tax on its profit and that is possible with the “underwriting” method. In that sense the taxation of the will always is 10% on very little part of the funds, as the stakeholders can theatrically take 65 Euros on the 100 euros. Leave behind 35 Euros of it profit and pay 3, 5 Euro on the 100 Euros of Profit, that is a beautiful operations. If it wasn’t for the underwriting of the revenue then the company would have by the standard tax of Luxemburg paid 10 Euros of tax. 10 Euros is not much of a profit of 100 Euros, but still vastly more than 3, 5 Euros, the difference by quick calculation is 6, 5 euros. That is nearly a price of a Big-Mac Combo-menu that cost around 8 Euros in Luxemburg.

That is because of the technic of underwriting and sharing that with the shareholders and stakeholders of the Carlos Funds S.A. in Luxemburg which is their subsidiary. As written so nicely to the Luxemburg Department of Tax Collection in 2nd July 2008:

“on behalf of our client Carlson Fund Management Company S.A. (hereafter also referred to as “Carlson”), we respectfully request you to confirm, in writing, the content of this letter as to the Luxembourg tax treatment applicable to the situation described herein”.

That the Carlson was supposed to get the reasonable Tax Treatment for the company so there was a hashed plan from the get-go together with the Company of PriceWaterCooper. The plan was made an acted upon. This would not been possible if the DNB Nor did not use the guidance and setting up the charter after the laws there and follow the guidelines of the company setting it up for making sure of having less tax.

As explained with the 100 Euros scenario. The certainty is not any excuse from the DNB Nor can tell away.  As they explained in 2016 to the Norwegian Press:

“No, DNB Luxemburg does not help the costumers to avoid tax. The Advisors function as discussion and talking-partners when it comes to financial questions, which offers legal and legitimate tax-plan for the costumers who live abroad. It could for example be about advice about financial-solution, cross-border transactions, complicated inheritance-regulation and other taxing environment that would be different from the ones who are living in Norway” (…)”DNB does not operate in Luxemburg because of taxation (Foss, 2016).

Well, I have already explained there operation and how they get to pay as little tax as possible through their operation. So DNB Nor had or still have the Carlson Fund Management Company S.A. in Luxemburg to save taxes and earn more monies in their operation and company there. Something they would be able to do in Norway or under Norwegian taxing regulation. Peace.

Reference:

MF I/ECCi/ AEGN/C21108001 M-PEWR – “Carlson Fund Management Company S.A. – Identification tax number: 2006 2240 378- Recognition of a license fee for tax purposes” (02.07.2008) – PriceWaterCooper (PWC)

Foss, Andres Bakke – ‘DNB i redegjørelse i 2014: DNB Luxembourg hjelper ikke kundene med å unndra skatt’ (08.04.2016) link: http://www.aftenposten.no/okonomi/DNB-i-redegjorelse-i-2014-DNB-Luxembourg-hjelper-ikke-kundene-med-a-unndra-skatt-8422413.html#xtor=RSS-3

Donald Trump haven’t only made “Good Deals” he has failed exeptionally well; failures like in Scotland, Atlantic City, Airplane Company and Vodka; with this business-model, I doubt he will able to “make America Great again!”

donald-trump-make-america-great

Donald Trump the Reality TV Star who is famous for saying “You’re fired” and also for hosting a Miss Universe contest. He is not famous for being a politician and therefore I have not taken him seriously as Jon Steward on the Comedy Central bashed him on the day he announced his intention for running as President as he had a speech on the 16th June 2015 as a Republic Party Presidential Candidate.

He usually talks about how he can make good deals and do that in Government, I will show how he has done in the past to prove that he is not all good, and has earned money on government funding, fathers inheritance, and also destroying other people’s possibility to earn while smashing other people livelihood for his own benefit, as he has done in Scotland and Atlantic City.

282503308-stoptrumpus-cease-desist9-22-15-p1-normal

I could have bashed him for his empty rhetoric and for not telling how to really make “America Great Again” as he is an empty suit with no moral fiber what-so-ever as he uses Immigration policy and spread fear  to the public to gain momentum and surge of the angry clue-less white rednecks; who couldn’t open a book or read a Foucault explanation on how “Governance” supposed to be. As he believes he can with he deals structure can fix everything. While I doubt it, as the structures and procedures will stifle him, as he is not an island at the White House and in the Senate and House of Representative in Congress; as he has to follow the guidelines of these outfits.

USA_Government_Branches_Infographic

Something he can’t dictate as he does with his Trump Organization where all the Yes Men follow his every move; the same will not happen there as he cannot be the grand dictator and authoritarian leader who owns Capitol Hill, as it seems the “American Great Again” doesn’t have the pulse. But follows on the fear and not on political framework, unless Mr. Trump himself earns on the new taxation reforms, not for the public; as he is a rich man who doesn’t want to be more taxed. He wants to continue to have low tax on the rich and continue to have close to 30% tax on blue-collars and working-class, not the rich, or giant International Companies, as they have loop-holes and systems to get money to tax-heavens instead of paying tax directly in the United States. This is an international problem, but with the growing debt and less income, while having issues to pay to gain growth, there must be a way of getting the wheels rolling. But I don’t see that from Mr. Trump, rather from Bernie Sanders. That is just me. Let’s take a look at some of the bad-deals of Mr. Trump!

Trump 1990 People's Magazine

His value in 1990 out of his People’s Magazine Article:

“Indeed, Wall Street sources say that the purpose of the bailout is not to get Trump up and running, but merely to buy time for the banks to oversee the sale of virtually all of his assets. Donald Trump’s empire, once valued at $3 billion, may be as good as gone, and even his private wealth is at risk. His debt is said to include $500 million in personal loans, and though he claims to be worth more than that, some analysts assay his net worth at less than zero” (Kunen, 1990).

How he really earned his wealth:

“Trump was born in New York City in 1946, the son of real estate tycoon Fred Trump. Fred Trump’s business success not only provided Donald Trump with a posh youth of private schools and economic security but eventually blessed him with an inheritance worth an estimated $40 million to $200 million” (…)”In 1990, due to excessive leveraging, The Trump Organization revealed that it was $5 billion in debt ($8.8 billion by some estimates), with $1 billion personally guaranteed by Trump himself. The survival of the company was made possible only by a bailout pact agreed upon in August of that same year by some 70 banks, allowing Trump to defer on nearly $1 billion in debt, as well as to take out second and third mortgages on almost all of his properties” (…)”In 1995 Trump took Trump Hotels & Casino Resorts Inc. public and received a substantial financial boost from society and the Securities and Exchange Commission (SEC) regulations that enable the market to function. He initially sold 10 million shares at $14 per share and then in 1996 sold 13.25 million shares at $32.50 a share. This initial public offering granted Trump’s company a stability and legitimacy that would have been impossible without millions of people around the world trusting his organization and investing with the hope of shared success” (Lapham & Miller, 2012).

Now on some of his direct bad deals as the Scottish adventure, Atlantic City’s Casino’s, Trump Shuttle and Trump Vodka, take a look!

golfscenery_TRUMPSCOTLAND

Scottish adventure as his bullies the land of inheritance:

Where he wanted to build a Golf Resort:

“The site comprises the Menie Estate an area of 452 hectares (ha) of estate policies, agricultural land, heath and dune. It is located between the A90 trunk road (A90T) and the sea about 14 km north of Aberdeen city centre, and 8 km from the northern limit of the city at the conference centre. The eastern boundary with the foreshore at the high water mark is approximately 4.2 km long, while the site narrows to the west so that the boundary with the trunk road is no more than 1.1 km. At its widest the site is about 2 km from east to west. Balmedie Country Park lies immediately to the south on the coast, while further to the west and south farmland separates the site from the village of Balmedie” (…)”The Menie Estate was most recently used for a combination of commercial shooting and some agriculture but now forms the operating base for the applicant company; Menie House is undergoing restoration as a residence. Since taking ownership Mr Trump has stopped both shooting and hunting on the land” (…)”Mr Trump has been concerned about the environmental effects of the development from the outset, although he acknowledged that he did not know the land was protected when he bought it” (…)”  A world class golf course also requires world class facilities. The clubhouse would be the nucleus of the development. The hotel would be a grand five star building that would complement the landscape in the same way that the hotels at Turnberry and Gleneagles do. The hotel and conference centre would attract golfers and non-golfers. Mr Trump believes that it would in itself be a major boost to the economy of the north east of Scotland”  (Scottish Government, 2008). That was back in 2008 and was in the recommended because of the economic prosperity in the area at the cost of the special sand-dunes that had an environmental unique place in European standard, but for the price of getting a world-class golf-course was the price the Government of Scotland accepted together with the Aberdeenshire Council” (Scottish Government 2008).

Trump Turbines Aberdeen

Some other local punters – A timeline of actions from Trump in Scotland:

“Then, on 3 November 2008, the Scottish Government granted outline planning permission for the resort, subject to 46 conditions, indicating that ‘there was significant economic and social benefit to be gained from this project’ (Scottish Government 2008b). Again, the response to this decision was predictably polarised. Industry and tourism leaders declared that it demonstrated that the North-east, and Scotland more widely, was ‘open for business’ (Whitaker, 2008a); while environmentalists feared that it would set a ‘precedent which will undermine the whole protected-sites network in Scotland’ (Urquhart, 2008)” (…)”In May 2009, it emerged that Trump International, in preparing its detailed resort masterplan, had advised Aberdeenshire Council that it would be lodging further applications for outline planning permission, but for eight parcels of land not currently owned by the organisation. These included four private homes that Trump International was hoping to acquire through ‘amicable’ discussion. It also emerged, however, that Aberdeenshire Council had prepared a briefing note for councillors which raised the prospect of compulsory purchase orders being used to secure the land (Ross 2009), although Trump International insisted that this would only be pursued as an ‘absolute last resort’ (Urquhart 2009)” (…)”Eventually, in January 2011, Trump announced that he would not be seeking compulsory purchase orders for the residential properties; that he would effectively build his course around them. However, Trump also claimed that ‘we have consistently said that we have no interest in compulsory purchase and have never applied for it’ (Urquhart, 2011). This was despite the existence of a letter from early 2009, released under freedom of information, in which his legal representatives had clearly asked Aberdeenshire Council ‘to exercise its powers of compulsory purchase…to acquire the eight plots of land on behalf of TIGLE’. That letter has become widely available online (see, for example, Scottish Green Party, 2011)” (Baxter, 2014). “In 2013, the Scottish government approved plans for the installation of wind turbines off the Aberdeenshire coast – which would generate enough energy to power 68,000 homes. Trump soon claimed that having this windfarm near his golf course “would spoil the view”, and thus entered into a legal battle against the project. But this was a battle he would lose, leading Alex Salmond to call him “three times a loser” and argue that the legal process had potentially jeopardised “a vital £200 million boost for the economy of the North East of Scotland”. In response to Salmond’s comments, a Trump Organisation spokesman said the former first minister had an “overinflated ego” and that the Scottish government was embarking on a “dangerous experiment with wind energy” which was based on a “foolish, small-minded and parochial mentality”. This in spite of the fact that wind energy is now considered to be the cheapest energy technology available in the UK” (Sabio, 2015).

Alex Salmond regrets Opening business for Trump:

“There is nothing wrong with his golf courses, the problem is that Trump Turnberry is unlikely to ever get on The Open circuit. If Turnberry doesn’t get an Open, then that costs the Scottish economy £100m” (…)“I think the association with Trump is now net damaging to the Scottish economy.” (Schmid, 2016).

This here proves that all of his business is not a good deal as he has taken some of the special areas of Scotland, not followed his promise, stifled the locals and had issues the Government over their own development as the sufficient work with the Golf Course and area that Trump Organization had planned for the area, is not working as well as the Locals or Trump hoped for; as the development of the project never got into the stages that Trump promised.

Donald-Trump-Eminent-Domain

Atlantic City Casinos gone bad, his response to newspaper actually writing about him:

“He said the bankruptcy was the result of external forces beyond his control, specifically an extremely bad economy in 1990. He said he had “the prerogative” to change his mind about using junk bonds in the financing” (…) “I didn’t want to have any personal liability, so I used junk bonds. I accept the blame for that, but I would do it again,” he said. But Trump vehemently denied that the deal represented a personal failing or affected his personal wealth” (…) “This was not personal. This was a corporate deal,” he said. “If you write this one, I’m suing you.” (Bandler, 2016).

vera_coking

Here are outtakes of the deals done in Atlantic City:

“The casino opened in April of 1990. Just over a year later, Trump was not going to be able to make his June payments. The Times said Trump was on the hook for $900 million that year, and the Taj Mahal eventually filed for Chapter 11 bankruptcy. Trump lost about half of his interest in the casino, and had to sell his private yacht and plane to help pay his losses. His creditors even put him on a budget (of $5.4 million, so … not that bad of one)” (…)“Trump Plaza was the next to fall out of his control. It was hemorrhaging cash in the early 1990s — Johnston estimates that, in the end, Trump lost about a million courting high-roller Kashiwagi (who was found dead, stabbed 150 times, in Japan in 1992) — and filed for bankruptcy protection in November. The banks took a 49 percent stake in the Plaza in exchange for more favorable terms on the $550 million in debt the building had on it. Trump remained as CEO, but no longer had a role in day-to-day operations” (McQuade, 2015).

How the Locals in Atlantic City feels about Trump:

“Sen. Jim Whelan (D-Atlantic) said Trump’s legacy in the city is a “mixed one.” (…)”The notion that he was somehow responsible for the success that Atlantic City had is not accurate,” said Whelan (D-Atlantic), who was the city’s mayor in the 1990s. “Nor is he responsible for the problems we now have.” (…)”Whelan said Atlantic City already had casino gambling for several years when Trump arrived, adding: “It’s not like he was a pioneer.” (…)”Experts said Trump ran his casinos like other owners did — and stressed that he didn’t simply leave the city on his own terms. Though Trump’s casinos were hurt by the same factors as the others in Atlantic City — a sputtering economy and growing competition from neighboring states — and though other casino companies filed for bankruptcy over the years, his companies’ four bankruptcies are also more than any other in town” (Johnson, 2015).

Trump Shuttle

Another deal gone sour was “Trump Shuttle” or his Airlines:

“NEW YORK — The sky became the limit Thursday for real estate mogul Donald Trump with the maiden flights of his Trump Shuttle service – fashioned from the innovative Eastern shuttle — taking off after a fog delay” (…)”The inaugural voyages of the Trump Shuttle, with four newly painted airplanes bearing the developer’s name, were scheduled for 7 a.m. in New York, Washington and Boston. All were delayed at least 20 minutes by thick fog in New York and Boston” (…)”Trump purchased the shuttle for $365 million from strike-battered Eastern Airlines, which is owned by the Texas Air Corp. The deal was approved May 24 by a federal judge overseeing Eastern’s reorganization under Chapter 11 of the federal bankruptcy code” (…)”Trump hired some 1,000 workers, 800 of them former Eastern employees, for the new service, said Bruce Nobles, the shuttle’s president and chief operating officer” (…)”’People are really tired of being pushed around at Pan Am. Pan Am is not exactly one of the great stalwarts of the industry,’ Trump said. ‘We’ll have the safest, most beautiful planes in the air and we’ll have the best service.‘” (…)”Trump said he expected the fare to remain at $99, the same as Pan Am, but, ‘We’ll match any price on the market’” (Wolfhorst, 1989). Already in 1991: “USAir will retain the Trump Shuttle’s employees and has an “understanding” with its unions over the shuttle’s operations, Goldman said. USAir is holding talks with its unions seeking major concessions to help it ride out the recession and its heavy losses” (…)”The USAir deal must still win final approval from the group of approximately 40 banks involved in Trump’s finances and win regulatory approval from the Transportation and Justice departments” (…)”Trump said yesterday that the deal helps him reduce his debt. “That’s what we’ve been doing for the last year is knocking the hell out of debt,” he said. “USAir is a fine company, and the shuttle is a great asset.” (Hamilton, 1991).  In 1992 this happen to it: “On Mar. 13, he is expected to conclude the final segments of a massive debt restructuring, which will give lenders the Trump Shuttle airline and hand over 49% of the Plaza Hotel in exchange for a lower mortgage-interest rate” (Businessweek Archives, 1992).

Trump_Shuttle_727_safety

In 1993 the result was this: “A USAir Shuttle spokesman says the 87 were fired because the company wanted “an optimized cost-efficient operation.” Their work will now be done by an outside contractor who can do I more cheaply, says Terry Hallcom, manager of the shuttle. (USAir manages the former Trump Shuttle for Citicorp and about 20 other banks that acquired it when Donald Trump defaulted on $380 million in 1991.) “The shuttle management needed to cut jobs to cut costs,” says Citicorp spokeswoman Amy Dates. “We at Citicorp have gone through our own restructuring but have also gotten through it.” (People’s Magazine, 1993). You can say that the Trump Shuttle didn’t work out and the workers lost their jobs on the speculations of Donald Trump. As the Banks to ownership together with 20 Banks who salvaged the ownership of the company. That is a manifestation of how bad this deal was for Trump.

Trump-vodka

Trump Vodka ended with the bottum-up: 

Then we have his fallen throne with the alcoholic beverage Trump Vodka. Here is some on this: “Trump Vodka will be a major player in the vodka arena – it’s a superb product and it’s beautifully packaged,” boasted the teetotaling magnate. Cases of the Dutch-distilled, big-name booze were transported across a red carpet – behind velvet ropes – to a waiting delivery van. A Port Authority police escort accompanied the van to a warehouse in Long Island City, from where Trump Vodka will be distributed. It’s being advertised as “a vodka worthy of the Trump name” and will be sold in a “special gold crafted bottle” designed by graphic artist Milton Glaser, creator of the iconic “I [heart] NY” logo. Patrick Kenny of Drinks Americas Holdings Ltd., said all that matters is that his name is on the bottle. “It’s no secret that Donald Trump doesn’t drink,” he said. “But we’re in the super premium vodka market, and there’s nobody who markets better in the luxury category than Donald Trump” (…) “A one-liter bottle of Trump Vodka will sell for about $30” (Woodberry & Corky JR, 2006). A review of the dink: “The vodka, a five-times-distilled Dutch vodka by renowned distiller Jacques de Lat, is made from select European wheat. After distilling, the vodka is stored in stainless steel tanks for six months, run through a carbon filtration process twice, then a 9-column filtration process, and finally carbon filtered two more times. The vodka is then bottled in a sleek, tapered design from Bruni Glass, with label and packaging by the legendary graphic designer Milton Glaser. The result is what we’ve come to expect from anything branded with the Trump name. For all the attention to detail in the packaging and design, this is a vodka that doesn’t even make a good mixed drink. All of that filtration the vodka goes through has resulted in a spirit more akin to fuel treatment. The burn on the finish is intolerable – more “your mouth’s on fire” than “you’re fired” – with no discernable flavor from the wheat, and an oddly thin consistency for a spirit made from a heavy grain” (Sudo, 2007). In 2009 this happen to the company distributing the beverage: “J. Patrick Kenny, the Company’s CEO, stated, “We believe that this financing is very favorable for the Company especially in this challenging economic environment. The transaction will provide the Company with an immediate and near term cash infusion which will enhance our cash flow and enable us to continue to grow and expand our brands. Prominent in this growth is our imminent beer launch with Kid Rock, our growing Leyrat Cognac business, the continued growth of Trump Vodka and our rapidly growing Olfiant Vodka business, all of which this financing will help facilitate.” (Business Wire, 2009). Something is never seen or heard about since, the reports later said because of lack of interest for the beverage, the production of Trump Vodka went out in 2011. Though there are rumors that is still on sale in Israel as a Israeli Company got the license for in in 2010 from American Holdings Ltd and sell it for 15 years, as it the same year was sued from the Trump Organization, how the court case or beverage is; is not an easy task since there is so little precedence or evidence of actual production, as you can only buy from the early 2000s when the production of it was on Ebay, if you’re a fantastic fan of Trump and get a golden bottle.

Trump Old Newsweek

As I have showed he did not make money from scratch, he is not a self-made Millionaire or Billionaire! He inherent and gained early on the property market after his father’s rise in the business in New York; he did not come with Oliver Twist lifestyle and suddenly by pure genius gain an economic rise. That is somebody else who has done, not him.

Trump Quote

In the 1990s he went totally bankrupt; he was bailed out by big-government and luck of connection in banks as they gave him leverage on the property that could be profitable in the future. A possibility an ordinary person would never achieve or get. The rich also get better service and better treatment then the working-class. He was even at one point valued zero and having accumulated pure debt, while working with most of the banks to restructure his businesses. At this point there we’re none good deals, as he failed in the Air, later in beverage with his Vodka, also Casino’s that was not profitable in Atlantic City and his Scottish adventure that has not become what he promised Alex Salmond or the Aberdeenshire Council as they have lost both green energy source and a future potential tourism site; and a world-class golf course as he didn’t care for the locals, they just had to be happy that he could do as he please and his will was the best, and nothing else did matter. The same way he is discussing matter as a politician.

The Trentonian Trump Front Page

He tells the world he only make “Good Deals” then he must have a reactive memory, or a selective memory, this is not all of them, as this some of the big ones. And a reminder of the matter at hand; if he has plans of making America greater in this way then he will be a Machiavellian Lord who will do as he please without thinking consequence of the ordinary person or the effect of the policy/law. That should be stressed and thought about as the trickledown economics isn’t really a functional and the riches he gained wasn’t by rare luck, though he lived by the posh lifestyle by how he raised. He was raised rich and made himself even richer. There is a saying: “you need money to make money”. That is surely the tale of Mr. Trump. Not a good deal made his wealth, and if it wasn’t for the mercy of the state and the banks in 1990s he wouldn’t have been able to wealthy today. That is why he was positive to the Barrack Obama’s Stimulus Package to save the economy as it was similar to how his own businesses were saved. He could not hate something that saved his own skin. Even if he fear immigrants as his heritage is from Scottish roots and family coming from Europe back in the day. The irony is there and he is surely a strange clone in the elections in the United States. I have now on my page this described and showed something sinister of two candidates there, the first was Jeb Bush and now Donald Trump. I took the economic approach and not his human vision as it is ghastly and not worth spending my mind on or finding his terrible quotes as it is fear-mongering and not worth ink. This is enough for today. Peace.

Reference:

Bandler, Aaron – ‘One Newspaper Wanted To Report About Donald Trump’s Atlantic City Finances. So He Threatened Them’ (22.01.2016) link: http://www.dailywire.com/news/2827/one-newspaper-wanted-report-about-donald-trumps-aaron-bandler

Baxter, Graeme – ‘Open for business? An historical, comparative study of public access to information about two controversial coastal developments in North-east Scotland’ (01.03.2014) link: http://www.informationr.net/ir/19-1/paper603.html#.VrtmAFjhDI

Businessweek Archives – ‘The Donald’s Trump Card’ (22.03.1992) link: http://www.bloomberg.com/bw/stories/1992-03-22/the-donalds-trump-card

Businesswire – ‘Drinks Americas Closes Private Placement for Cash Infusion of Up to $3 Million’ (25.01.2009) link: http://www.businesswire.com/news/home/20090625005282/en/Drinks-Americas-Closes-Private-Placement-Cash-Infusion

Johnson, Brent – ‘Trump’s controversial time in A.C. under new scrutiny with presidential run’ (25.10.2015) link: http://www.nj.com/politics/index.ssf/2015/10/trumps_controversial_time_in_ac_under_new_scrutiny_with_presidential_run.html

Kunen, James S. – ‘Pop! Goes the Donald’ (09.07.1990) link: http://www.people.com/people/archive/article/0,,20118158,00.html

Hamilton, Martha M. – ‘USAIR REACHES ACCORD TO RUN TRUMP SHUTTLE’ (20.12.1991) link: https://www.washingtonpost.com/archive/business/1991/12/20/usair-reaches-accord-to-run-trump-shuttle/a5870bec-d890-422f-9e4a-02360de12599/

Lapham, Mike & Miller, Brian – ‘ECONOMY Exposing How Donald Trump Really Made His Fortune: Inheritance from Dad and the Government’s Protection Mostly Did the Trick’ (09.07.2012) link: http://www.alternet.org/story/156234/exposing_how_donald_trump_really_made_his_fortune%3A_inheritance_from_dad_and_the_government’s_protection_mostly_did_the_trick

Lee, Michelle Ye Hee – ‘Donald Trump’s false comments connecting Mexican immigrants and crime’ (08.07.2015) link: https://www.washingtonpost.com/news/fact-checker/wp/2015/07/08/donald-trumps-false-comments-connecting-mexican-immigrants-and-crime/

McQuade, Dan – ‘The Truth About the Rise and Fall of Donald Trump’s Atlantic City Empire (16.08.2015) Link: http://www.phillymag.com/news/2015/08/16/donald-trump-atlantic-city-empire/#M16Ri9meooifJh9z.99

People’s Magazine – ‘Out in the Cold’ (20.12.1993) link: http://www.people.com/people/archive/article/0,,20107064,00.html

Sabio, Osio – ‘This is why Donald Trump is not welcome in Scotland’ (18.12.2015) link: http://www.thecanary.co/2015/12/18/donald-trump-not-welcome-scotland/

Schmid, Stefan  – ‘Alex Salmond insists Scotland does not need Donald Trump’s investment’ (18.01.2016) link: http://www.thenational.scot/news/alex-salmond-insists-scotland-does-not-need-donald-trumps-investment.12500

Scottish Government – Directorate for Planning and Environmental Appeals: ‘Case reference: CIN/ABS/001

  • Site Address: land at Menie House, Balmedie, Aberdeenshire
  • Application APP/2006/4605 for outline planning permission dated 27 November 2006

called-in from Aberdeenshire Council by notice dated 4 December 2007.

  • The development proposed: Golf course and resort development
  • Date of inquiry: 10 June – 4 July 2008 ‘ (10.10.2008)

Sudo, Chuck – ‘A Classy New Vodka From A Man Lacking Class’ (22.01.2007) link: http://chicagoist.com/2007/01/22/a_classy_new_vodka_from_a_man_lacking_class_.php

Woodberry, Warren & Corky JR, Siemaszko – ‘I’M DONALD TRUMP, DRINK MY VODKA’ (07.10.2006) link: http://www.nydailynews.com/archives/news/donald-trump-drink-vodka-article-1.643186

Wulfhorst, Ellen – ‘First flights take off on Trump’s renamed Northeast shuttle’ (08.06.1989) link: http://www.upi.com/Archives/1989/06/08/First-flights-take-off-on-Trumps-renamed-Northeast-shuttle/6472613281600/

Kenyan reactions to the proposed Kenyan-Ugandan Sugar-Agreement: Is it a sweet cup of tea or is it something else?

UhuruandRuto

Kenyan opposition has reacted to the talks about importing sugar from Uganda to Kenya and recharging the trades over the borders. This is after the talks that been between Uhuru Kenyatta and Yoweri Kaguta Museveni in Uganda recently. Here will go through the statements from CORD (Coalition of Reforms and Democracy), ODM (Orange Democratic Movement) and JUBILEE. Also other main actors in the Sugar industry in Kenya, also main numbers for one of the factories called Mumias Sugar Company, which has had issues in the recent year.

To put a little history into this and surely forgotten near history is:

“A public spat over when 200 000 tons of duty-free sugar should be imported from the Common Market for East and Southern African (Comesa) bloc to forestall a sugar shortage in Kenya has exposed potential economic sabotage by members of the ruling party” (…) “On February 9, the board’s chief executive, Andrew Otieno Oloo, wrote a letter to the Kenya Anti Corruption Commission and the National Security Intelligence Services accusing the ministers of attempting to execute fraudulent deals. Otieno said the sugar crisis had been orchestrated to trigger a price increase for the commodity” (…) “Two weeks ago, presidential aspirants Raila Odinga, William Ruto, Musalia Mudavadi, Najib Balala and Kalonzo Musyoka — all from the opposition — also took the government to task over the delayed sugar imports and said the scheme was intended to create an artificial scarcity aimed at raising prices” (…) “The imported Comesa sugar would have stabilised sugar prices, which have already increased by more than 100%, to $2 from less than $1 a kilogram in October last year. The issue boiled over last December when Kimunya declined to expedite the government gazette notice, making it impossible for the sugar board and the Kenya Revenue Authority to set a date for traders to start importing the sugar” (…) “The scandal has further tarnished Kibaki’s image as he struggles to recover from a series of similar scandals that cost the taxpayer more than $100million between 2003, when he came to power, and 2004, when the details of the theft of public resources began to emerge” (…) “Kenya’s sugar needs are 800Â 000 tons per annum. It produces 600Â 000 tons and the remaining 200 000-ton deficit is bridged with imports from Comesa” (Kwayera, 2007).

Footage from KTN NEWS:

Footage from Kenya Citizen TV:

Amina Mohammed said today: “emphatically that the Uganda sugar deal has been blown out of proportion, with the main agenda of the visit totally forgotten” (…) ”That the only matter agreed upon was the establishment of an East Africa Sugar Board to protect Kenya’s sugar and ensure that what is being exported and imported is not from anywhere else apart from the region” (Kulundu, 2015).

The basic information quote on the sugar trade between Kenya and Uganda from the Joint Communique that came out the 10th of August from the Statehouse of Entebbe and the Republic of Uganda:

“President Museveni noted that Kenya exports to Uganda are estimated at $700 million compared to imports worth $180 million, and commended President Kenyatta for implementing initiatives that would contribute to bridging the trade gap. The two Heads of State observed that bilateral trade has potential to grow further and reaffirmed their commitment to the free movement of goods, Labour and services, including the elimination of all trade barriers” (Joint Communique, 2015)

Musailia Mudavadi has said the agreement has killed the goodwill of the 1sh billion bailout of Mumias Sugar Company. Statement on the 14th of August Mudavadi said: “Kenyans need to know what measures the government has taken to prevent unscrupulous importation of sugar from outside the Comesa protocol and channeling it through Uganda to circumvent the regulations under the Rules of Origin principles” (…) “There is a classic example of re-packaging Brazilian sugar and dumping it in the Kenyan market” (…) “The excuse of ‘balancing trade between our sister countries’ should not be used to enter into pacts that undermine local production” (…) “”It cannot be that his Cabinet Secretary Amina Mohammed says there is no agreement while the President defends the alleged agreement. Is there a pact or not? This contradiction needs correcting” (Ochieng, 2015).

TV-Deal Kenya-Uganda

What the ODM fear about the Sugar deal with Uganda:

“Kenya has arrived at that stage. There is clear evidence that we are dealing with a mafia regime in which individuals are pursuing personal interests in the name and the expense of the nation” (…) “The end game is to turn Kenyans into beggars who rely on the generosity of the thieves who will come to our aid through harambees and the other acts of alleged philanthropy” (…) “That is the story of Sugar. The same sugar, imported by government officials is, financing Al Shabaab who recently killed hundreds of university students in Garisssa, most of whom were from Western Kenya” (…) “In Western Kenya, they have attacked sugarcane in a double prolonged strategy. First, they will kill the factories. Next they will buy the factories” (…) “We have asked the president to explain to us how this deal helps the sugarcane farmers” (…) “We have asked the president to explain how this deal will help our industries prepare for the end of COMESA sugar protection period”(…) “Yes Kenyan Sugar is expensive. But it feeds the Kenyan farmers and it educated the children of sugarcane farmers. Yes Ugandan sugar is cheap. But it only feeds Uganda farmers and their children. No nation ever developed by abandoning its products” (…) “Buy Mumias Sugar, Sony Sugar, Nzoia Sugar, Chemelil and Muhoroni sugar and build the country” (Kulundu, 2015).

Cord Statement on sugar deal:

“Sugar production is vital to the economies of Bungoma, Homa Bay, Kakamega, Busia, Kisumu, Migori, Narok and Kwale. There are 11 sugar factories in Kenya. Allowing the dumping of sugar in Kenya will devastate the economies of a quarter of the Counties of Kenya and a huge section of the rural agricultural population. This is economic sabotage on a grand scale. Grand Economic Sabotage is a crime. It is treasonable” (…) “  TWO MAFIAS? ONE IN KENYA ANOTHER IN UGANDA: The matter is urgent because of the statistics that Uganda does not produce a sugar surplus to be exported to fill Kenya’s supposed deficit allegedly of 200,000 tonnes. The model we fear is going to be used was last seen in 2008. Back then Hon. Kahinda OTAFIRE a close ally of President Museveni and a former head of Uganda’s intelligence service who is currently Uganda’s Minister for Justice and Constitutional Affairs, got embroiled in a civil suit involving KSh. 50,000,000 (fifty million) worth of sugar that came into Mombasa from Dubai already in packed in Mumias Sugar Factory packets! It was meant to be dumped in the Kenyan market. Mumias Sugar Factory got involved in the case and two years later the sugar consignment was destroyed. We are headed in the same direction! It seems that a Kenyan mafia has conspired with a Ugandan one to profit from corruption that will serve only to impoverish Kenyans” (Kenya-Today, 2015).

Jubilee Statement:

“All CORD and its leader, Raila Odinga have done so far is to point fingers, cast blame, misinform, and compound the despondency already weighing down the sugar growing community” (…) “Mr. Ruto was appointed Minister for Agriculture, farmers were being paid a paltery KES 2500 per tonne of cane delivered to the factories. Because of interventions under Mr. Ruto’s leadership, including the cancellation of sugar permits of know sugar cartels, barons and brokers” (…) “It is well-establish matter of public record that Mr. Ruto bravely confronted sugar importation and smuggling cartels which dumped cheap sugar in the market, short-changing hardworking farmers” (…) “It is a fact that this threat to the monopoly and liquidity of sugar barons affected Mr. Odinga’s personal interests, leading to the unfortunate removal of Mr. Ruto from the Ministry of Agriculture. It is also a fact that Mr. Odinga has been inert bystander at best, or a conspirator of sugar, cartels as the farmers of Western Kenya and Nyanza suffered” (…) “Mr. Odinga has finally confessed that he owes the poor sugar cane farmers of Mumias hundreds of millions of shillings which he casually terms a commercial loans” (…) “Why did Mr. Odinga obtain this so-called commercial loan from poor peasant farmers instead of a approaching a commercial bank whose business it is to lend money?” (…) “We demand from Mr. Odinga and companies associated with him full disclosure of how much they owe Chemlil, Nzoia, Muhoroni, South Nyanza and other millers” (…) “Mr. Odinga is proposing to visit the people of Western Kenya, whom he owes money, his rallies will essentially be a meeting with his creditors. We sincerely hope that aside from cheap politics and empty rethoric, Mr. Odinga will present to the people of Western Kenya a credible repayment plan, outlining how he and companies associated with him intend to repay the money owed, to enable the peasant farmers take their children to school” (InLiveNews, 2015).

mumiassugar

More to the story:

“William Ruto has called Raila Odinga “Lord of Poverty” while Odinga has fired back to Ruto calling him “High Priest of Corruption”. Majority leader Aden Duale says “All CORD and its leader, Raila have done is to point fingers, cast blame, misinform and compound the despondency already weighing down the sugar growing community” (…) Mr Duale also says “after the move, payment for sugarcane farmers shot from Sh2,500 to Sh3,800 a tonne and only went down after Mr. Ruto was sacked” (Jodie, 2015).

William Ruto has continued to say online: “Sugar cartels used PM’s office to orchestrate my removal because Gazette notice 3977 I signed cancelled their licences ending their schemes” (…) “While in western (essentially meeting with creditors) aside from rhetoric, I hope Cord presents a credible repayment plan of admitted debts” (…) “how that my friend Tinga (Raila) admits owing peasant cane farmers millions can he explain why he didn’t take this “commercial loan” from a bank?” (…)“Under what circumstances did Mr Odinga and companies associated with him contract a debt of such magnitude with poor innocent farmers?” (Jodie, 2015).

Kiprono Kittony commented to the media: “Importation is not meant to weaken the economy rather it serves to help bring development and collaboration between countries. Politics will not increase sugar” (…) “Most of the sugar companies in Uganda are private, that’s why they are able to produce more and better sugar than us. The Government should do the same and privatize our companies” (Mr. Kittony is the Kenya National Chamber of Commerce and Industry), (NairobiToday, 2015).

The former Presidential Campaign Manager for Raila Odinga, Mr. Eliud Owalo has said this about the Mumias scandal: “Nairobi Governor Evans Kidero has been accused of systematically running down Mumias Sugar Company during his tenure as the Managing Director of the giant Sugar Miller. He was not MD of Mumias by virtue of being the Governor of Nairobi, and he must therefore be ready to bear responsibility as to costs and consequences of the same without dragging the Party into it” (…) “It does not help the Party cause to continue clinging onto Kidero in the face of serious allegations of graft at Mumias Sugar Company to the detriment of the people of Western Kenya whose single largest source of livelihood is now at stake.The Party risks losing its crucial Western support base by being seen to be protective of Kidero who has crippled the economy of the Western region, yet he is equally known to be one of the most disloyal members of the Party. Embarasingly, the Nairobi County Governer is heavily implicated in wanton land grabbing reminiscent of the Nyayo era yet both ODM and the CORD Coalition has maintained a studious silence on the same simply because it’s our own Governor is at the engine and otho-centre of the land scams” (Nairobi Forum, 2015).

Nairobi Senator Mike Sonko also spoke his peace: “I wish to table some audio clips and unfortunately it will not go down well with some people who will lose some confidence in me but for the sake of development of Nairobi County, allow me to table them” (…) “Peposi Freight Kenya Ltd was registered on December 23, 2014 and the next day opened an account at Cooperative Bank, City Hall branch. Sh7.6 million was wired from the Nairobi County Government for services never delivered” (Nairobi Forum, 2015).

Claims of bribes to seal a nice report:

“Drama started when two MPs claimed 20 members who signed the final report complied after a probe on Mumias Sugar Company had received a total of Sh64 Million to expunge some names from the report. The debate comes as the committee is embroiled in an allegations taking bribes to doctor the report over importation of sugar that contributed to crippling of the Mumias Sugar Company” (…) “The allegation and counter-allegation came after Washiali and Fred Outa (Nyando) claimed the MPs, including Committee chair, had received sh4m bribe to shared among 22 members who signed the altered report. Noor is being accused of reiciving the money after Lugari MP Ayub Savula, at a past committee, claimed a cheque from a local bank had been deposited into the chairman’s account” (…) “Washiali said further: “We have a feeling the Sh4m affected the outcome of the report. I know money was deposited into your (Noor) account that made you alter the report. This is the matter of life or death. Tell us who also benefited from it. We will not allow you to take advantage of our people” (…) “Washiali also took on Kimei, claiming he had hinted to him that a further Sh100m was being prepared for members to ensure they come up with “good report” (IGNITEKE, 2015).

mumias2

Backdrop on Mumias fall and the numbers before the bailout:

It mentioned in the stories. I had started to write a few months ago on this. So this is just the backbone of a article. So here is a draft of numbers and information of the company that got bailed out during the year after terrible economic issues that it had. This here is a little basic and also far from digging through what I had at the time. But this is just a sidepiece to the quotes that are on the Kenyan-Uganda Sugar and trading deal between the countries after the state visit of Uhuru Kenyatta in Uganda around 10-11th of August 2015.

So enjoy the little information on Mumias Sugar Company: 

Emis they described Mumias Sugar Company Ltd as this:”Mumias Sugar Company Limited is a Kenya-based company engaged in the manufacturing and distribution of sugar and the production of electricity. It manufactures molasses for industrial users, traders, farmers and individual purchasers” (…) “The Company also produces power through burning of baggasse, a waste product from sugarcane processing” (EMIS – Securities).

The important tales from the annual report of 2014 tells dangerous story. First with Mr. Ameyo describe the matter of the company and sugar industry got hit because of that. This starts with the unexpected low yield of sugarcane from the sugar-belt in Western-Kenya. Part of the operation issues was getting good quality cane.  Year of 2014 was the production of Sugar went up by 14%. The Ethanol production from last fiscal year went up 210%. Molasses production went down because quality of the sugar-cane the downturn in production was total of 21%. This resulted in less export of electricity. All of this with also the higher price on production cost went up 18% (Ameyo, 2014).

COTU press release on the Mumias:

“Mumias Sugar Company limited is facing imminent closure soon if the kshs.1Billion promised to the Sugar Company by the government is not effected immediately and the closure will result into the eventual collapse of the Sugar Firm” (…) “he Western Region requesting government offices to intervene and ensure that Mumias Sugar firm does not collapse because such action will lead to over 500,000 families across the country losing their source of livelihood besides the millions of people that depend on the firm both directly and indirectly in the Western Kenya and outside” (…) “At the same time, COTU (K)’s concerns are informed by similar promises by the government that lead to the collapse of Pan Paper Mills in Webuye and we are sure that soon after the collapse of Mumias Sugar firm, Nzoia Sugar Company will be on live and this will no doubt be the worst raw deal that the Kenyan people would have received from its government and it will be an uphill tasks for anybody to revive these plants” (…) “Thousands of workers now at Mumias Sugar Company are at risk of losing their jobs as do other workers within the production and distribution chain and the Kenyan economy will be worst hit at the closure of Mumias Sugar Company” (COTU, 2015).

Certain people owning Mumias money by June of 2015: 

“Otifier Logistics is the highest debtor owing Mumias Sugar Company 36.6 million shillings followed by Spectre International Limited which is associated with the Odinga family that has a debt of 33.9 million shillings” (…) “Otifier Logistics that owes Mumias Sugar Company 36.6 million shillings. Second is Spectre International Limited, a company associated with the Odinga family which owes Mumias Sugar 33.9 million shillings for molasses bought from the miller” (…) “Uchumi Supermarkets also features on the list owing the sugar miller 6.6 million shillings for sugar” (…) “Ukwala Supermarket, Nairobi with a debt of 2.8 million and Yatin Supermarket that owes the miller 319,320 shillings” (…) “Unilever Kenya is also listed as having a debt of 2.2 million shillings” (…) “Mumias Sugar says it is owed a total of 241 million shillings by several companies and individuals” (The Uchaguzi, 2015).

Youth from the Mumias Sugar Belt have alleged that the driving force in “reconciliation” of Senator Bonny Khalwale and Governor Evans Kidero is a 50 million prize money being dangled to abort justice:

“All of us victims of the plunder of Mumias Sugar Company, by a powerful politically connected Cartel, are very alarmed at emerging information that corrupt, evil underground maneuvers are underway to kill off the ongoing clamor, for justice and retribution, by elected leaders and wananchi in the Mumias Sugar belt and Western Kenya in General” (…) “the main target is Kakamega Senator Dr. Bonny Khalwale alongside dozens of other vocal leaders both on the ground in Western and here in Nairobi. We are alarmed that a section of top political leaders, are the chief architects of this heinous betrayal of poor sugarcane farmers and are hiding behind what they call “RECONCILING Dr. Khalwale and Nairobi Governor Dr. Evans Kidero” (…) “Governor Oparanya’s loud silence, his ruthless attacks against Kakamega County Assembly Majority leader Cleophas Malala and others whenever they publicly condemn the looting of Mumias and his recent fraudulent dolling out of Sh. 200 million to Mumias instead of calling for the thieves who fleeced the Company to return the loot, confirms our worst fears that the ODM top leadership is complicit in the Mumias Scandal and hence their efforts to intervene are a cover up, which we reject” (…) “Apart from Governor Oparanya, CORD Principal Raila Odinga has been admitting on several Vernacular FM stations that his Company is one of the many debtors who  owe Mumias Sugar Company a lot of money. Initially he blamed it on the bank that gave his firm  some credit facility to buy Molasses from Mumias. Then when the people are expecting him to lead by example by promptly paying the debt, he popped up in a funeral mass in Kakamega last weekend and denied owing Mumias. That double speak tells a lot. He thinks people have short memories such that he can just play around with their problems” (…) “Dr. Khalwale and other targeted Luhyia leaders should know that accepting to back down from the campaign for the punishment of those who destroyed Mumias and accepting to be given financial inducement will be the biggest betrayal of our farmers and the entire Luhyia Community. The only compromise we can agree is a total refund to Mumias Sugar, full payment for farmers’ cane deliveries that are in arrears for the past several years and  key suspects in the looting to organize a public repentance and apology by all the thieves” (The Gazette Daily, 2015).

And the final numbers from the End of Year and Financial Statement from the Mumias Sugar Company:

Year: 2012 2013 2014
Total Assets

(shs ‘000)

27,400,113 27,281,993 23,563,086
Total Equity and liability (shs ‘000) 27,400,113 27,281,993 23,563,086
Cash & Cash Equivalents at the end of Year (940,281) (1,356,124)
Total Loss (1,455,096) (2,740,685)

(Ameyo, 2014)

TV Kenyatta Odinga

Afterthought:

This has been a long enough blog/article for the internet. But its sure sweet with details and sure Raila Odinga doesn’t come out of this well. Because the table is turned on him since he went after Uhuru Kenyatta and he has borrowed money from the company that recently got saved by the government. An because of the scandal of Mumias Sugar Company I had already a lot of documentation before the Uganda-Kenya import deal that was supposed to happen and be ready after the 10th August 2015. Since that Raila Odinga, the CORD and ODM went bananas and wanted to have a upraising in the Western Kenya where the Sugarcane famers that supply the Mumias Sugar Company reside and where the farmers earn their living deliver the cane to the factory with mills it. Though the economy and corruption of the company has come to the surface and tells that something is not right. And if there are personal connections for Odinga and need extra the sugar mills, as it seems there are reasons to doubt the real political plan of Odinga. As Ruto and Kenyatta has bailed out Mumias and might have signed or gotten to a level of planning to open the borders for sugar and commodities as the ‘Joint Communique’ tells. There is certainties that of  “President Museveni noted that Kenya exports to Uganda are estimated at $700 million compared to imports worth $180 million, and commended President Kenyatta for implementing initiatives that would contribute to bridging the trade gap” (Joint Communique, 2015). Which tells the story in general that there will be more trading from Uganda to Kenya, and at the same time will also open the borders more from the Kenyan side.

This has sure not been the cup of tea that the Kenyan Government and the President Uhuru Kenyatta wished to see after being for a visit in Uganda earlier this month. Secondly after bailing out of Mumias Sugar Company should seem like the trading agreement with Uganda shouldn’t spoil that, even if they can import Ugandan Sugar, for the simple sense, the Kenyan community might get more easily sell products in Uganda as well. I doubt that the deal and agreement will be a one-way traffic train between the nations. Then its Raila Odinga who isn’t drinking, but the coastal drink of Mnazi. And with the information I get, I miss a lot of leads and structures. I wish I had more rough numbers and actual facts then hearsay and statements from the parties. With the scandals and probes proves that their certainties of some conspiracy, but where it might lead is scary in Kenya, therefore we haven’t been to bottom of it, or that the Mumias Sugar Company and Sugar Cartel has the hold of politicians so they won’t speak, because they getting behind keeping their mouth shut. An Raila Odinga is in debt to the Sugar Company together with other big shots! While the Government and Jubilee want support in Western Kenya so they support Mumias Sugar Company because of the farmers it feed. While this Sugar agreement and import option set it at risk, but that will also be for all the other millers that grind sugar in the Country! But if you want to be good neighbors and trade, you got to import and export produce between them. Which I think is something Uhuru Kenyatta understands and might think in his mind that is a possibility to continue to grow the Kenyan economy. In the end might not be wrong and give an edge to both countries. Not just sugar in the tea that there is in the talks for now, but everything else as well in time after there been an issue with the chickens and Migingo Island in Lake Victoria, and the fisheries and fishing industry for both countries!

Peace!

Reference:

Ameyo, Dan – ‘Mumias Sugar Company Limited – Annual Report and Financial Statements’ (30.06.2014)

COTU – ‘imminent closure of Mumias Sugar Company’ (06.06.2015) link:

http://cotu-kenya.org/imminent-closure-of-mumias-sugar-company/

IGNITEKE – ‘MPs in a bitter row over Sh60m sugar bribe’ (18.03.2015) link: http://ignitekenya.com/mps-in-bitter-row-over-sh60m-sugar-bribe/

Joint Communique Issued During the State Visit by H.E. Uhuru Kenyatta, President of the Republic of Kenya (10.08.2015) – 10th August, Entebbe, Uganda, Released by the Republic of Uganda

Jodie, Vanessa – ‘Raila fired me because I cancelled sugar barons’ licences, claims Ruto’ (19.08.2015) link: http://www.hero.co.ke/raila-fired-cancelled-sugar-barons-licences-claims-ruto/

Kenya Forum – ‘ELIUD OWALO CALLS FOR KIDERO AND ABABU TO BE KICKED OUT OF ODM’ (10.03.2015) link: http://www.kenyaforum.net/2015/03/10/eliud-owalo-calls-for-kidero-and-ababu-to-be-kicked-out-of-odm/

Kenya Today – ‘Raila takes Uhuru SUGAR ‘WAR’ to Ground Zero, CORD to hold RALLIES in the SUGAR BELT’ (18.08.2015) link: http://www.kenya-today.com/politics/raila-takes-uhuru-sugar-war-ground-zero-cord-to-hold-rallies-in-the-sugar-belt

Kulundu, Mary – ‘Amina Mohammed: Let Me Put This Matter To Rest’ (19.08.2015) link: http://www.kenyans.co.ke/news/amina-mohammed-let-me-put-matter-rest

Kwayera, Juma – ‘Sugar scam stirs slush fund fears’ (05.03.2007) link: http://mg.co.za/article/2007-03-05-sugar-scam-stirs-slush-fund-fears

Mumias Sugar Company Limited (Kenya) – link: http://www.securities.com/php/company-profile/KE/Mumias_Sugar_Company_Limited_en_2129630.html

NairobiToday – ‘Shock As Experts Now Abandon Raila Odinga Over His Selfish Political Gains & Uganda Sugar Deal Rhetoric’ (20.08.2015) link: http://www.nairobitoday.co.ke/2015/08/20/shock-as-experts-now-abandon-raila-odinga-over-his-selfish-political-gains-uganda-sugar-deal-rhetoric/

Ochieng, Justus – ‘Kenya: Sugar Deal Ruins Mumias Goodwill, Says Mudavadi’ (15.08.2015) link: http://allafrica.com/stories/201508150312.html

Statement by the Orange Democratic Movement – KENYANS TO FIGHT FOR THEIR LIVELIHOOD (18.08.2015) link: http://www.kenyan-post.com/2015/08/odm-exposes-ruto-and-uhurus-brookside.html

The Gazette Weekly – ‘Youth allege 50m in Senator Bonny Khalwale and Governor Evans Kidero truce talks’ (02.08.2015) link: http://kakamega411.com/5434/youth-allege-50m-in-senator-bonny-khalwale-and-governor-evans-kidero-truce-talks/

The Uchaguzi – ‘Mumias Sugar says it’s owed shs.241m by several companies and individuals’ (25.06.2015) link: http://uchaguzi.co.ke/mumias-sugar-says-its-owed-shs-241m-by-several-companies-and-individuals/

InLiveNews – Statement from Jubilee – ‘Statement in the interest of the truth for the sake of sugar farmer’ (18.08.2015) link: http://www.inlivenews.com/188807/a-statement-from-uhuru-rutos-jubilee-exposes-raila-odinga-badly-read-it-here/

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