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Ethiopia - Bank of Abyssinia officials arrested
By Groum Abate
Employees of the Bank of Abyssinia (BoA)in Ethiopia were detained on Thursday, September 24 and Friday, September 25 by the Federal Police for alleged connections to the 57 million birr loss the bank suffered.
This week, police re-arrested some of those who were bailed after they were charged in May this year for the loss, as well as a number of new suspects. Those apprehended include former and current board members.
The Sixth Criminal Bench of the Federal High Court granted bail on May, 2009, to 10 defendants charged with causing the 57 million birr loss.
Abebaw Desta and Menwuyelet Atnafu, founders of Star Business Group (SBG), Tecle Alemneh, former vice president of BoA and chief executive officer of Zemen Bank, Tekalign Gedamu and Aselefech Mulugeta, former chief executive officer of BoA; Mekbib Shumet and Asrat Belachew were among the suspects bailed in May.
Bank of Abyssinia and Zemen Bank to Merge
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