Kuhani
JF-Expert Member
- Apr 2, 2008
- 2,944
- 64
Jamani chombo maarufu wa Financial cha Bloomberg.com walishawai kutoa data za huyu Sinclair mwezi wa nne. Yeye akakanusha, sasa tunaweza kuwaonyesha ni kwa jinsi gani Sinclair and his company are manipulating things in Tanzania in order to please Investors in North America, we can ask if they think Sinclair follows the moral conducts in order to archive the mission and vision of his organization.
Also, we can question those investors who add TRE stock in their portfolios " Would they keep TRE stock if the knew their company is putting Tanzanian peace and harmony into danger"? What the difference between Investing in TRE and investing in Blood Diamond from Ivory Cost?
Let call and Fax bloomberg, for those in US let fax the article and our response to bloomberg. I attached the article on top and our response at the bottom. Let make phone call and fax.
Ahsante.
Nimewaandikia Bloomberg News kuhusu tabia za mtu wao Jim Sinclair. Na nimetuma makala Wall Street Journal, lakini sidhani kama wanaweza kui-publish. Wataogopa. Lakini naituma the Economist, jamaa hawaiogopi US wale.
STOP JIM SINCLAIR, THE INFLUENCE-PEDDLING INVESTOR IN TANZANIA!
Your Op-ed submission guidelines require that a piece be about what's in the news. Well, this may not be, but we would like, and we think it should, be part of the news, in this global web of the marketplace.
If you get concerned with some of the nationalistic turmoil surrounding oil supply in places like Nigeria, where citizens sometimes rise up and disrupt production by violently vandalizing oil infrastructure, at times even killing workers of foreign companies engaged in the business, it is the unbecoming business practices exhibited by some foreign investors, such as Jim Sinclair's, which help understand the genesis of such market destabilizing problems.
Late in 2007, the president of an African country of Tanzania formed an inquiry commission aimed at fixing a malfeasant mining industry. Corrupt acquisition of mineral rights, mind-numbing tax loopholes and outright evasion, as well as rampant irregularities in procurement of government contracts were among the prime concerns.
After the commission's report was submitted to the president last month, but before it was made public (not yet to this day), a renowned Canadian/American commodities investor, Jim Sinclair, who has exclusive mineral exploration rights in the country, and a close friend of President Jakaya Kikwete, announced that he's had "the privilege" of seeing the report. Worried that the impending overhaul of the industry could roil the industry's status qua and his company's stakes in investment, he issued a blunt public statement late last month, assuring his own investors that it is the President who has the last call on this matter, and wrote a thinly veiled advice to the president not to follow the commission's recommendation to revamp the industry. (The link to the letter is provided below).
To anyone who respects the sovereignty of nations to set self-benefiting economic policy and the prosperity of capitalistic business in a lawful and ethical atmosphere, Jim Sinclair in an international Jack Abramoff on steroids!
At least Jack was ashamed of his conduct enough to avoid signing the visitor log-book every time he patronized presidential quarters. Jim, on the other side of the same dirty coin, is unabashed about calling the Tanzanian President a "close friend" on his website. Advantaged by insider information, he goes about his influence-peddling business, not seeing a problem with lobbying against a national call to rid the mining industry of rampant corruption, unchecked abuse of tax laws, and illegal acquisition of mineral rights. All this after being given inexplicable, exclusive mineral exploration rights. By Tanzanian law, only a citizen can have "right of occupancy" to land, and no one can own a piece of land with mineral deposits under it - whether a citizen or not. So, under the circumstances where a foreigner has been conferred with exclusive rights to mineral exploration contrary to the spirit of the law, you must wonder where Jim Sinclair gets the galls to go around advertising his shady association with the president and to make bold assertions which try to set a self-serving national agenda on the mining policy. Policies which condone, aid and abate a business atmosphere marred with haywire corruption .
The Presidential Commission raised questions, among the issues investigated, on the circumstances in which a sitting president, Benjamin Mkapa, acquired the biggest power-generating coal mine in the country, in partnership with his Energy minister as co-owner! (Mkapa's term has since ended, and the incumbent Jakaya Kikwete has quieted calls to bring Mkapa to justice, urging the people to let "Mzee wetu," or, our dignified elder, rest in retirement). That is the depth of the problem we are trying to work at, here. Efforts that the Jim Sinclairs of the world, and their profit-at-any-cost instincts are trying to stymie.
It is influence peddling of the n-th degree, abuse of high office subsidized by the West's confused interests in Africa. The type of corrupt, self-serving foreign incursion into domestic economic policy that give big nations a bad name. This business chicanery would not be tolerated by the law in America, Canada, or anywhere else in the West where Jim Sinclair does business.
International business leaders and ethicists decry wanton corruption in Africa. Only when they are sitting in arm chaired corner offices out of Africa. Once they come down here to invest, they get right in the muck, and they get on to business as it is usually done down here. No laws to be enforced on them means no principles of business ethics to adhere to. History teaches us that, sometimes, the local populations unjustifiably rise up to scapegoat the foreigners for all their economic maladies. Once in a while, though, the exploited natives are in the right, that foreign-subsidized corruption is real, and that the culprits are a few of power-abusing local leaders colluding with venal Western businessmen. The root of the problem.
We believe foreign investment in Africa can prosper without being supported by influence peddling and corruption. Stop Jim Sinclair now!
Tanzania Consortium of Concerned Citizens
Jamiiforums.com
P.S.
Link to Jim Sinclair's letter: http://www.tanzanianroyaltyexplorat...ning-Law-Certain-to-Benefit-Mineral-Explorers
(if he will have removed it, it's already in someone else's server. Just contact us for a copy)
To give you a sense of the outrage touched off by Jim Sinclair's behavior, we've attached a petition circulating in some segments of Tanzanian cyberspace denouncing Jim Sinclair's unacceptable behavior.