Sunday, May 31, 2015


On December 20th, 1994, Francis Chang Sam, drafted a lease for 99 years between the Government of Seychelles and the ISLAND DEVELOPMENT COMPANY LIMITED (IDC).

The Managing Director of IDC at the time was Mr. Glenny Savy and he signed the lease on behalf of IDC.  Joseph Nourice, signed on behalf of the Government of Seychelles. Chang Sam who is quiet, but is becoming known to do a lot of these cozy deals for the powerful prepared the lease documents and acted as a Notary.

Shareholders and Directors of IDC
Chang Sam was also a Board member of the Central Bank of Seychelles, long after he departed as Attorney General, and was paid to handle the Lehman Brothers Bond transactions on behalf of the Government of Seychelles. The Bond transactions of course, led to our national bankruptcy as a country in 2008 when Government of Seychelles, defaulted on the Bonds and could not make a $3 Million installment payment.

Lease Term 99 Years at One Go

The lease consideration for a 99 year lease was Rs. 1.00. No other payment was made.

The Lease included all buildings and all existing infrastructure on the following islands, many of which Mr. Savy has gone on to sign off sales and subdivisions and made numerous transactions.

All along, we were given the impression that these islands are being cared for by IDC, for the people of Seychelles.  

Are they being cared for or are they being milked?

Name Those Islands for Rs. 1.00

The islands that went for One Seychelles Rupee in One transaction for 99 years, to one company managed by one man, is as follows according to the transcription Volume TB 8 No. 214 , Registration Vol. B 33 No. 1219 , dated 20th January 1995 are: 1. Silhouette, 2. Ile Platte, 3. Desroches (of the Amirantes Group), 4. Remire (of the Amirantes Group), 5.Marie Louise ( of Amirantes Group), 6. Desnoeufs (of the Amirantes Group), 7. Poivre Atoll, 8. Alphonse and St. Francois Atolls, 9. Providence Atoll, 10. Farquar Group of Islands 11. Cosmoledo Atoll.

Stamp Duty “Free”

To add insult to injury, no valuation of assets on the islands were made. No valuation of the islands themselves made. Finally, no stamp duty was paid. Under the Stamp Duty Ordinance, section 6 and 20 Revenue Stamp it reads: “FREE”.

D’Arros Island Group

In the matter of the Bettencourt properties of the D’Arros Island Group bought from the Palavi Family of Iran, her lawyers had estimated and valued that island group to be worth Euro 1 Billion, and formed a significant portion of her real estate holdings in terms of value.

Given that D’Arros is worth almost Euro 1 Billion, what value could we place on the islands given for 99 years for Rs. 1.00 to IDC, a company that Mr. Savy will likely now try to control for life, for obvious reasons.

Restriction of Assignment

One interesting article of the lease is the restriction of assignment of any interest on these islands without the written permission of the Republic.

Has the Government of Seychelles approved of all the land sales on Desroches Island and the other islands? Why is Glenny Savy also a director of Desroches Island Lodge Ltd; is that not a conflict of interest? Is this the Government of Seychelles policy, to sell interests in the Outer Islands and promise year in and year out to build little self catering huts for local Tourism? Apparently the government pays SR800, 000 per month rent for the use of Marie Louise as a prison holding facility; a nice little earner. The government also pays SR85, 000 to IDC for each flight when transporting prisoners.

Complaining about Glenny Savy Acting like a President on Outer Islands

Those who complain that Glenny Savy acts like the President of the Outer Islands can now stop crying. The deed of Transaction that Albert Rene ordered, before he left, soon after multi party was announced, allows Mr. Savy to do what he wants to the Outer Islands. You will likely have to bring him a tin can of bully beef each time you visit if he so commands you. The Outer Islands and Silhouette have been divested from the People of Seychelles, for 99 years, thank you SPPF.

Now we know why IDC offices are referred to as STATE HOUSE at Newport.