Former Navy SEAL and Blackwater founder Erik Prince has a new security venture. This time he is helping Chinese firms to “take the drama out of Africa” by consulting on how the businesses should establish themselves and operate throughout the continent. Africa has become a major target for Chinese investment to secure access to the continent’s vast natural resources.
Prince’s new firm, Frontier Services Group (FSG), provides “logistics, aviation and risk management services to firms that want to set up in Africa.” Prince sold his stake in Blackwater in 2010 which is now known as Academi.
FSG is headquartered in Hong Kong and works closely with one of Communist China’s state-owned enterprises, CITIC Group. CITIC Group is a state-owned investment group worth approximately $12 billion with 44 subsidiaries and owns banks in Hong Kong, New Zealand, Australia, Canada, and the United States. At one time CITIC was in talks to acquire Morgan Stanley.
While the dictum “high risk, high return” applies to the continent, Prince said his customers – who are looking for bauxite, steel, energy, copper, tin or gold – should focus on another slogan: “happy locals, happy project”.