Nevertheless, a senior Seychellois diplomat has confirmed that, within a couple of years of Williamson's entry into GMR, Seychelles had come to occupy a place in South African sanctions-busting networks, apparently using paper transactions rather than physical transhipment of oil.(97) It is noteworthy that Fiorini's former employer, ENI, developed such a system in the 1970s for selling Arab oil to Israel via front companies and paper transactions in the Bahamas, Malta and elsewhere.(98) SASEA may also have entertained other ideas to make money from the boycotts imposed on South Africa.
Among SASEA's acquisitions was a dummy company registered in Seychelles' offshore facility called the Seychelles International Bank, which Fiorini often called SIBANK and which appears to have developed from the earlier Roberto Memmo Investment Banking.
SASEA was eventually to go bankrupt with debts of 2.7 billion Swiss francs, about $1 billion.(107) Tracing exactly what happened to this money will probably be no easier than it was in the case of the Banco Ambrosiano.