China Takes Over Ugandan International Airport due to UNPAID loan

Simply_Black

International
International Member
China loaned shark the fuck out of Uganda for that airport. :smh:


I put the blame firmly on Uganda.... "business is business" and agreements have to be honoured... the Chinese are not operating a charity.... too many developing countries are making agreements with the Chinese that they can't fully honour in agreed time so therefore the assets and collateral have to be seized as form of payment.... no different than how banks and finance companies operate in the real world.
 

4 Dimensional

Rising Star
Platinum Member
I put the blame firmly on Uganda.... "business is business" and agreements have to be honoured... the Chinese are not operating a charity.... too many developing countries are making agreements with the Chinese that they can't fully honour in agreed time so therefore the assets and collateral have to be seized as form of payment.... no different than how banks and finance companies operate in the real world.

Oh, no doubt. They definitely put themselves in this situation, but I am certain China knew Uganda wasn't going to be able to pay them back.

have you read Economic Hitman?

I haven't. Sounds like I need to though.
 

ZuluSam

Rising Star
Platinum Member
This strategy is all explained in in one of the best books I’ve read in the last 20 years.

“Economic hit men (EHMs) are highly paid professionals who cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the U.S. Agency for International Development (USAID), and other foreign "aid" organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet's natural resources. Their tools included fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. They play a game as old as empire, but one that has taken on new and terrifying dimensions during this time of globalization.”


“I was initially recruited while I was in business school back in the late sixties by the National Security Agency, the nation’s largest and least understood spy organization; but ultimately I worked for private corporations. The first real economic hit man was back in the early 1950s, Kermit Roosevelt Jr., the grandson of Teddy, who overthrew the government of Iran, a democratically elected government, Mossadegh’s government who was Time magazine's person of the year; and he was so successful at doing this without any bloodshed—well, there was a little bloodshed, but no military intervention, just spending millions of dollars and replaced Mossadegh with the Shah of Iran. At that point, we understood that this idea of economic hit man was an extremely good one. We didn’t have to worry about the threat of war with Russia when we did it this way. The problem with that was that Roosevelt was a C.I.A. agent. He was a government employee. Had he been caught, we would have been in a lot of trouble. It would have been very embarrassing. So, at that point, the decision was made to use organizations like the C.I.A. and the N.S.A. to recruit potential economic hit men like me and then send us to work for private consulting companies, engineering firms, construction companies, so that if we were caught, there would be no connection with the government.
— John Perkins, November 4, 2004, Democracy Now!, interview”

 

woodchuck

A crowd pleasing man.
OG Investor
Same. I read it about 15 years ago. Think I’ll get the audio book and listen to it again during my commute. I’ve really been into audio books lately.
I heard Michael R. Levine being interviewed on a radio station, and went out and bought the book. This was a loooong time ago.
 

TheBigOne

Master Tittay Poster
Platinum Member
Could’ve predicted this. There will be much more incidents like this coming on the continent where China has been developing.​
China has the entire “third world” by the nuts. An airport here, a cricket stadium there, a few highways and all of them built by Chinese construction companies. Africa and the Caribbean have no choices. They literally owe their souls to the company store. There are Chinese listening and spy stations in every one of the countries where they built something.
 
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scullydog

Rising Star
Platinum Member
I put the blame firmly on Uganda.... "business is business" and agreements have to be honoured... the Chinese are not operating a charity.... too many developing countries are making agreements with the Chinese that they can't fully honour in agreed time so therefore the assets and collateral have to be seized as form of payment.... no different than how banks and finance companies operate in the real world.
See Rudy Ray Mo response. I blame greed. I blame Neo colonialism. They might not be doing it like the white man, but they are doing it all the same.
 

PsiBorg

We Think, so We'll Know
BGOL Investor
Uganda should do like Panama did when they nationalized all of the banks. Nationalize the airport. Then when China takes them to the WTO, renegotiate the terms of the loan. Because I'm sure the terms were one-sided in the first place.

You have to fight them with the same tools that they use to fight you, otherwise you're going to continue to lose.
 

RoadRage

the voice of reason
BGOL Investor
There are more people with opinions than there are who actually knows how they world works.
Because if you own land but don't have the equity to develop it yourself, you either sell it, leave it undeveloped or find a investor to develop it for a fee. Failure to pay back the loan will have non favorable consequences including loss of your collateral.
Why do people think things are any different for countries?
 

yureeka9

Rising Star
Platinum Member
you-didnt-see-that-coming-quicksilver.gif
 

zod16

Rising Star
BGOL Investor
I put the blame firmly on Uganda.... "business is business" and agreements have to be honoured... the Chinese are not operating a charity.... too many developing countries are making agreements with the Chinese that they can't fully honour in agreed time so therefore the assets and collateral have to be seized as form of payment.... no different than how banks and finance companies operate in the real world.

:yes:

This is all part of their Belt and Road Initiative. They have invested something like 8X what we did with the Marshall Plan except these are loans and not grants.

They are doing it all over too, not just Africa. Laos has crazy debt with them now.

It is also a marvel of modern book-keeping, amassing $3.6bn in debt off the government’s balance-sheet but for which the Laotian state may still end up on the hook. That financing and other “hidden debt” to China amounts to a third of the country’s gdp, which could become a problem: Laos already has sovereign debts equivalent to about 60% of gdp on its books, half of it owed to China.

 

yureeka9

Rising Star
Platinum Member
Uganda should do like Panama did when they nationalized all of the banks. Nationalize the airport. Then when China takes them to the WTO, renegotiate the terms of the loan. Because I'm sure the terms were one-sided in the first place.

You have to fight them with the same tools that they use to fight you, otherwise you're going to continue to lose.
I don't think the Chinese are going to waste time in the courts. I'm guessing they will remind Uganda about the size of their military and let that realization do all the testifying for them.
 

BKF

Rising Star
Registered
Uganda should do like Panama did when they nationalized all of the banks. Nationalize the airport. Then when China takes them to the WTO, renegotiate the terms of the loan. Because I'm sure the terms were one-sided in the first place.

You have to fight them with the same tools that they use to fight you, otherwise you're going to continue to lose.
"Our investigations found out that any proceedings against Uganda Civil Aviation Authority (UCAA) assets by the lender would not be protected by sovereign immunity since Uganda government, in the 2015 deal, waived the immunity on airport assets."
 

BKF

Rising Star
Registered
Young Ugandans care about jobs — not the 1986 liberation story



"Museveni came to power 35 years ago, hailed as one of Africa’s new generation of leaders. After years of military rule, wars and instability under the regimes of Milton Obote and Idi Amin, Ugandans welcomed Museveni as a liberation hero, and his National Revolution Movement as the revolutionary party. Museveni also gained legitimacy within the World Bank Group and other foreign donors such as the United States, who invested heavily in the new government.

But his liberation hero image grew tainted over the years, amid endemic corruption and controversial maneuvers to stay in power. Museveni’s legitimacy problem has become more acute with Uganda’s shifting demographics — 77 percent of the population is younger than 30, according to the most recent census. Many Ugandans have never known any president but Museveni, whose reputation of bringing “peace and stability” may mean little to those born after the 1986 liberation.

Instead, younger Ugandans are focused on jobs and public services, as the latest Afrobarometer surveys reveal. Each year, 700,000 Ugandans reach working age. But as a recent World Bank report shows, there are only jobs for 75,000 of them.

Originating from Kampala’s “ghetto,” Kyagulanyi symbolizes this disenfranchised group of the young and economically marginalized. A longtime cabinet minister who lost her parliamentary seat to a musician running for Kyagulanyi’s party conceded that the government was paying the price for failing to include youth, and staying in power too long."
 

PsiBorg

We Think, so We'll Know
BGOL Investor
"Our investigations found out that any proceedings against Uganda Civil Aviation Authority (UCAA) assets by the lender would not be protected by sovereign immunity since Uganda government, in the 2015 deal, waived the immunity on airport assets."
Even if they waived the immunity on the airport in 2015... What's there to stop the government from seizing control of the airport through nationalization now?

They could say that the airport has "become" a major part of the country's infrastructure; therefor, it should be placed in government hands as a matter of national security.
 

BKF

Rising Star
Registered
Even if they waived the immunity on the airport in 2015... What's there to stop the government from seizing control of the airport through nationalization now?

They could say that the airport has "become" a major part of the country's infrastructure; therefor, it should be placed in government hands as a matter of national security.
Do you really think China gives a fuck about that? :lol: :cmonson:
 

34real

Rising Star
BGOL Investor
It would be Hell up in Uganda cause if I was the people there I would give every China person hell til they would forget about the loan and that damn airport.

You start to stop feeling sorry for Africa and Africans cause they can do better instead of acting as if they are better.
 

Megatron X

A Prophet of Doom
BGOL Investor
Then Africans are a joke. I don’t look at them for anything. They getting tan like bitches by them slanty eyed fucks. I don’t know why some of you niggaz look up to those Africans who are nothing but failures.
 

Sango

Rising Star
Platinum Member
It would be Hell up in Uganda cause if I was the people there I would give every China person hell til they would forget about the loan and that damn airport.

You start to stop feeling sorry for Africa and Africans cause they can do better instead of acting as if they are better.
I think that would give China every reason to "defend" its citizens abroad and run a two for one to get their airport. Checkmate.
China would help their people evacuate a hostile territory in Uganda by ensuring safe passage using their military in their newly acquired airport. :rolleyes:
 

Flawless

Flawless One
BGOL Investor
It would be Hell up in Uganda cause if I was the people there I would give every China person hell til they would forget about the loan and that damn airport.

You start to stop feeling sorry for Africa and Africans cause they can do better instead of acting as if they are better.

Other than China which other country is investing in Uganda infrastructure?
 
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