Somalia: Pirates Receive $700,000 Ransom Payment from hijacked a Russian

Posted to the web 18 March 2008 :

A group of Somali pirates who hijacked a Russian-registered ship on Feb. 5 have released the ship after receiving a US$700,000 ransom payment, sources said.

Puntland's fisheries and ports minister, Ahmed Said O'Nur, confirmed that the pirates had received a ransom payment.

But he was openly critical of the ransom payment, saying that such acts only "encourage piracy."

The region of Puntland has been struggling to contain piracy along its coast. Two days ago, Minister O'Nur criticized the U.S. Navy for failing to take action against the pirates.

Six foreigners aboard the Svitzer Korsakov - four Russian, one Irishman and a British captain - are all unharmed, according to a statement from the company that owns the vessel.

Criminals in Puntland, including pirates and kidnappers, have been appeased numerous times with ransom payments, helping turn the criminal activities into very profitable businesses.

The Puntland administration's inability to pay for the services of its security forces has contributed towards a general rise in insecurity across the region, according to insiders.