{"id":89565,"date":"2023-10-12T14:00:37","date_gmt":"2023-10-12T11:00:37","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=89565"},"modified":"2023-10-12T13:28:13","modified_gmt":"2023-10-12T10:28:13","slug":"worldremit-founder-challenges-de-la-rues-sh1-43-billion-somaliland-contract","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2023\/10\/worldremit-founder-challenges-de-la-rues-sh1-43-billion-somaliland-contract\/","title":{"rendered":"WorldRemit founder challenges De La Rue\u2019s Sh1.43 billion Somaliland Contract"},"content":{"rendered":"<p><strong>NAIROBI, Kenya, Oct 12 &#8211; Sahimiye Foundation has called on De La Rue, the world\u2019s biggest printer of banknotes, to cancel a contentious Sh1.43 billion ( )$9.6 million) contract to print 380 billion SL shillings for the Somaliland government.<\/strong><\/p>\n<p>In an open letter to De La Rue, Sahamiye notes the decision to increase money supply in Somaliland will worsen the economic pain that low income and disadvantaged groups of society are currently experiencing.<\/p>\n<p>The Foundation warned that the new bank notes would double the money in circulation and cause the local currency to lose value against the dollar.<\/p>\n<p>\u201cThe highly unusual decision to print money, especially at a time when the country is preparing for presidential elections, is predicted to cause the value of the SL shilling to drop from 8,750 to over 20,000 per dollar,\u201d wrote Ismail Ahmed, Sahamiye\u2019s Founder and Director.<\/p>\n<p>Ismail further warned that De La Rue\u2019s Somaliland contract posed serious legal and ethical questions.<\/p>\n<p>He noted that there was no competitive bidding nor approval by parliament before De La Rue was awarded the contract.<\/p>\n<p>\u201cI urge you to cancel the contract and return the $9.6 million that the Central Bank of Somaliland sent you to fund the transaction,\u201d he wrote in the letter addressed to De La Rue CEO\u2019s Clive Vacher.<\/p>\n<p>Ismail challenged Clive to take a principled stand given that De La Rue had a history of involvement in corruption scandals and was the subject of several investigations by the UK\u2019s Serious Fraud Office.<\/p>\n<p>Born and raised in Hargeisa, the capital of Somaliland, Ismail is a UK-based tech entrepreneur and founder of international money transfer service WorldRemit.<\/p>\n<p>He currently serves as the Chairman of WorldRemit.<\/p>\n<p>He founded Sahamiye Foundation in 2021 to promote education and literacy in Somaliland and the Horn of Africa and advocate for policies that foster development.<\/p>\n<p>He in 2021 announced that he would commit more than $500 million of his own wealth to the Foundation over a period of 10 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NAIROBI, Kenya, Oct 12 &#8211; Sahimiye Foundation has called on De La Rue, the world\u2019s biggest printer of banknotes, to cancel a contentious Sh1.43 billion ( )$9.6 million) contract to print 380 billion SL shillings for the Somaliland government. In an open letter to De La Rue, Sahamiye notes the decision to increase money supply [&hellip;]<\/p>\n","protected":false},"author":14459,"featured_media":89566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[584,7737,14442,934,8147,14443,4049],"coauthors":[13385],"class_list":["post-89565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kenya","tag-billion","tag-challenges","tag-de-la-rues","tag-featured","tag-founder","tag-somaliland-contract","tag-worldremit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WorldRemit founder challenges De La Rue\u2019s Sh1.43 billion Somaliland Contract - Capital Business<\/title>\n<meta name=\"description\" content=\"NAIROBI, Kenya, Oct 12 - Sahimiye Foundation has called on De La Rue, the 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