Home | News    Tuesday 14 May 2013

Former IMF chief Strauss-Kahn arrives in Juba to open bank

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May 13, 2013 (JUBA) – Disgraced former International Monetary Fund (IMF) chief Dominique Strauss-Kahn arrived in South Sudan on Monday to open a new bank, marking a rare return to the financial world since his career was derailed by a lurid sex scandal two years ago.

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Former IMF chief Dominic Strauss-Kahn (R) arrives at Juba International Airport, on May, 13 2013. (Photo Waakhe Wudu/AFP)

Speaking to reporters at the start of his two-day visit, Strauss-Kahn said he planned to open the National Credit Bank (NCB), as well as explore investment opportunities in the new nation.

Few details have been made public about the NCB bank, although AFP quoted officials as saying the Swiss-backed private venture was being launched in cooperation with South Sudanese partners.

Straus-Kahn was greeted by South Sudan’s minister of commerce, Garang Diing, following his arrival in Juba.

“This visit is very important to us … especially in relation to investment attraction to South Sudan,” Diing told AFP.

“He (Straus-Kahn) wants to see how South Sudan is prospering in terms of peace, stability, democracy and economic performance,” he added.

The one-time French presidential hopeful and former IMF boss suffered a spectacular downfall after a New York hotel maid accused him of sexual assault in May 2011.

Strauss-Kahn, who has always insisted his sexual relations with the maid were consensual, was forced to resign his post in the wake of the scandal; in which allegations surfaced he was also criminally involved in a France-based prostitution ring.

In August 2011, prosecutors dropped all criminal charges, saying that the alleged victim, Nafissatou Diallo, was not a credible witness.

Strauss-Kahn quickly returned to France and later settled a civil suit filed by Diallo for an undisclosed sum.

In an extensive interview with France’s weekly Le Point magazine last October, Strauss-Kahn, who now works as a freelance financial consultant, said he was “looking at getting involved in big international projects”.

Although rich in natural resources, South Sudan remains grossly under-developed since splitting from the north in July 2011, with vast sections of the population still living beneath the poverty line.

The country’s economy suffered a spectacular crash in 2012 after the government shut down oil production, following a dispute with Sudan over transit fees to pump its oil to export markets in the north via Sudanese pipelines.

Prior to the shutdown, oil revenues, totalling about $400 million per month, had represented 82 percent of South Sudan’s gross domestic product and 98 percent of government revenues.

The loss of its oil revenues sparked a dramatic economic collapse, with South Sudan’s GDP shrinking by 55 percent in 2012, according to IMF estimates.

The South Sudanese economy has also been plagued by high inflation, driven mostly by increases in food prices – a trend which the World Bank says is the result of limited local food production and a high reliance on imported foods, in combination with depreciation of the South Sudanese pound (SSP) and border closures with the north.

Although oil production resumed in April after both countries reached an agreement ending the 15-month-long row, economic development in South Sudan remains ham-strung by tribal violence, large-scale displacement, ethnic conflict and hunger which continues to plague large sections of the country, following a decades-long civil war with neighbouring Sudan.

(ST)

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  • 14 May 2013 08:14, by omoni jr.

    Strauss kahn
    This man is clean,he is the victim as well. Money made women worldwide think that someone who is in charge of financial institution is money maker, which is false allegations.

    repondre message

  • 14 May 2013 08:32, by Kus al-Junub

    what you excited about fool?
    Wow former IMF in juba or former biggest infidel in juba. South Sudan is the only country attract dirty businessman so they can consolidate wealth looting with thief Kiir at the expense of poor SS people. I know Strauss Kahnn is on the quest to fuck all SS men and women alike, good luck fail state with your new husband

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    • 14 May 2013 08:47, by Moluddit Demalou

      Hi Homosexuaalist(KUS UMMAQ)
      What a hell are you talikng about here with full stupidity and selfishness of a new relationships with South Sudan and IMF? We have already separaded from you since inwhich we don’t relation of sharing ideas. We are different entity.
      Leave South Sudanese alone.

      repondre message

    • 14 May 2013 09:57, by Salammabaad

      Mr.fool
      for heaven’s sake,change your forum name as it is insulting South Sudanese,we read Arabic and know how it sounds,i don’t see any reason as to why you named yourself like that.
      again,i know you don’t like South Sudan,so why don’t u stay afar from their affairs,no need for you to comment on something that does concern u please.fuck you.
      thanks.

      repondre message

    • 14 May 2013 13:38, by Majongdit

      If Strauss Khan was to go around Africa on a sex mission his best destination would have been Khartoum. Women in Khartoum are missing Southerners. They like our unigue stamina. Secondly, we don’t go anal. They are tired of this by their men, I swear this is paining ladies in Khartoum. Khann visits Juba for business. I am sure he will be successful in this country.

      repondre message

  • 14 May 2013 08:44, by cbuongdit cholkua

    Here we go!!! Straus Khan to South Sudan after the united states hotel incident.Y’all need to watch out, that’s would be another strike to those black African beauties.And of course, South Sudan need more investors like Dominique,he is a great man to do business with.But we are going to named that bank as "The Scandalistico Bank"

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    • 14 May 2013 09:32, by Tutbol

      Watch people for those sleazy investments from those sleazy Europeans! Those sleazy investments are trojan horses & carrots to usurp our banks & our lands eventually enslave our peoples like these plutocrats are doing in many parts of africa & S East Asia or S america. Just look what is happening in Greece, Portugal & other smaller Europeans nations. Their lives is being run by the like of these..

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      • 14 May 2013 10:05, by Tutbol

        ... Strass Kahn fellow with their shifty banks & investments. The plutocrats are cloaking themselves in the name of investments accross the world but their aims are to take everyone on our planet earth to their Europeans feudal systems, it has already taken shape in Europe & even in the US where democracy was once thought to have been. But these days; the US govt represented, by both houses...

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        • 14 May 2013 11:50, by Tutbol

          .. are just bribed & induced by the plutocrats & corporatists to influence where they want to take other countries like the US, Australia or Canada or other humane countries like the Scadinevians nations to let the plutocrats like Kahn or his manion monsters to take everyone to their sleazy ways. keep watch guys.

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  • 14 May 2013 10:59, by ahme adam

    Oh no Straus-Khan raped Salva Kiir hahaha oh poor Salva

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  • 14 May 2013 13:41, by Majongdit

    If NCB wants to be successful then it should establish very quickly in all the states of South Sudan. It should offer better services than those of KCB. KCB monopoly may come down crumbling if National Credit Bank takes this short advice.

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  • 14 May 2013 13:51, by Awei-ngok

    Dear South Sudanese, this pledged Bank by Dominique Strauss-Kahn is going to be the one storing and saving our stolen public money by the government officials if the anti-corruption remains toothless as usual. The shelf of thieves is brought nearer now, and soon, we will hear 6-7 billions of dollars stolen again. The Swiss-based banks housed a lot of our previous stolen money. Be watchful!

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    • 14 May 2013 15:29, by Oppressor

      The Biggest Chief Thief & The Greatest looters Joined hands in Juba City haaaaahaaaahaaaaaa what a funny Joke !!!

      repondre message

  • 14 May 2013 17:28, by aat map

    I don’t see any thing bad with this man. he will be governed by the international laws. my interesting part is that we are getting a new bank from the international world and it will be most appropriate than those East Africa banks that had phished us to the extreme.my fellows country this bank will invest for the good of our people not for their own interests like those east Africa banks are doi

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    • 14 May 2013 17:33, by aat map

      My people don’t use language of abusing one another . you are not enemies but you are trying to generates ideas for your greater country .my message is you kick out the East Africa banks from South and bring in international banks that will be managed by southerners themseleves. Many banks in south do take money back to their own countries to invest them in long term planning leaving us nowhere .

      repondre message

      • 14 May 2013 20:21, by Tutbol

        Learn the banks and the international banks before you persuade your brothers and sisters dude.

        repondre message

        • 15 May 2013 11:55, by aat map

          My friend banks are not owned by one person . in this case he is only highlighting your future . the present foreigns banks in South are always not appropriate and secure and they demands dollars from the hands of our people . do you support the present of those east africa banks in South . also you can saves your money in the banks you think is right .

          repondre message

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