The son of a fisherman, who moved on to selling khat, Saeed Yare became a pirate only two years ago and “earned” over $2.4 million in 2010 in ransom of ships and crews. It is estimated that piracy is inflicting a $12-billion toll on the global economy.
Somali pirate: I made $2.4 mln from ransoms in 2010
Only two years after deciding to join in the piracy rampant off the Somalian coast, Saeed Yare is a dollar multi-millionaire.
“It is not an easy job being a pirate. You gamble with your life, but I enjoy being a piracy tycoon,” says the slim 27-year-old, dressed in a sharp suit he says is Italian.
“The piracy business is like a presidential seat, you don’t want to give it up once you taste its sweetness. A friend of mine died in the recent navy operation — but he left one million dollars!” Yare said, referring to a botched rescue attempt that left four U.S. citizens dead.
Yare said he made $2.4 million in 2010: $1.2 million for investing in the venture that led to the hijacking of the British-flagged Asian Glory, another $700,000 for Saudi tanker Al Nisr Al Saudi and $500,000 for Bulgarian vessel Panega.
“I earned more cash after investing in two operations and personally participating in a separate hijacking, all were successful,” he said.
“I spent some of the cash on weapons, private bodyguards, luxury cars, trucks, a boat and three villas. And I still have enough to use until another ship is hijacked.”
Armed pirate gangs have made millions of dollars striking at ships in the vast expanse of the Indian Ocean, as far south as the Seychelles islands and eastwards towards India.
Yare abandoned a lucrative trade in khat, a sure-fire route to amassing riches in the Horn of Africa country, when he saw former fishermen getting even richer by piracy.
He befriended a pirate who advised him to “invest” $80,000 to help carry out a hijacking and expect a 50 percent return of $120,000 once ransom was paid.
“I got inspired to be a pure pirate in 2009. First, I set off into the sea with them and captured a Saudi oil tanker that made us lick our fingers — a hell of a lot of cash!”