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Ethiopia - Bank of Abyssinia officials arrested

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09/28/09

  09:37:30 am, by admin, 160 words  
Categories: Business, Ethiopia, Finance

Ethiopia - Bank of Abyssinia officials arrested

Ethiopia - Bank of Abyssinia officials arrested

By Groum Abate

Source: Capital

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.

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25 comments

1 2 >>

Comment from: mean [Visitor]
mean

wow…scandal in addis…:p…feels good to comment first too

09/28/09 @ 11:31
Comment from: asefa [Member]  
asefa

WHAT ABOUT MELES ZENAWI
AZAB MESFIN
SEBHAT NEGA
SEYOUM MESFIN AND OTHERS
OF WOYANE LEDERS FOR THE LOST OF EFERT MONEY.??????????? YECIE NAT CHEWATA.

09/28/09 @ 12:02
Comment from: 7 ELEVEN [Visitor]
7 ELEVEN

lol :!: :!:
what’s the main reson for these STAR BUS GROUP to get arrested.
The new dose’t say it in detail.

09/28/09 @ 12:24
Comment from: sweet [Visitor]
sweet

there, these are our future ager wedad diaspora.
Milk it while you can, when you get caught and get rediculed, runaway and accuse the government of a cold day.:lalala::lalala:

09/28/09 @ 12:36
Comment from: leranso [Visitor]
leranso

ellelele……..wel done

09/28/09 @ 14:45
Comment from: addiszemen [Member]  
addiszemen

In the US when bank officials banckrupt their bank by losing billions of dollars,the govt simply bails them out and with in a month they will get millions of dollar in bonus.don’t you think there is something US govt should learn from Ethiopian govt,atleast to protect their citizens from future scandal.

09/28/09 @ 15:24
Comment from: Tulu [Visitor]
Tulu

Easy. To find the money look at EFFORT bank account and Woyane thieves bank account. You will find it there.

09/28/09 @ 17:36
Comment from: Visitor [Visitor]
Visitor

Another tplf greed. Only tplf and its memebers are allowed to have any meaningful business in that country.

09/28/09 @ 18:12
Comment from: Sam [Visitor]
Sam

Is the accused were detained because the bank had lost 57 millions, or had been accused of stealing? If it was the former, they might be criticized for incomptence, but arresting the individuals for the bank loss is an overkill. Whatever the circumstances for their arrest, nowadays one undeniable fact overshadows any other shortcomings that EPDRF is accused of: In Ethiopia corruption became a way of life that could not suprise anyone. Bankers lending money for those “investors” who had no any convincing plan how to invest their money, receiving a portion of the money they lent as kickback. Defense lawyers being accused of selling short people whom they representd if the other party came up with good money to shut them up. Even the doctors who evaluate the medical report of a victim who sued an insurance company were reported being bought easily by insurance company to downplay the significance of injury. To those who had been out of Ethiopia for long, and never been back except for short excursion, the examples I cited above seemed unthinkable– a stretch to say the least. I do not outright downplay the misgiving, but, frankly, it is a way of life in the present Ethiopia. If market economy had ever been misunderstood, Ethiopia could have been cited as a prime example to fall for the misunderstanding. Granted the government did not want to relinquish economic dominace so that controlling people became easy, one could assume it was a misunderstanding by choice. When a government failed to earn the support of the people it governs, having the economic string in check might not be a bad idea. Supporters might finacially rewarded. Those who determined not to sell their souls would be punished. That may be true, one could ask, why the reason that some bankers, lawyers and doctors could be part of the problem? I think it is by design. The EPDRF’s lightheads in the brain department believe if everybody is looking for himself/herself regardless of the nation good, facing an irate people who seek the demise of a regime for their misery might be abated. To some degree, it is working. I do not know for long this scheme will prolong the regime’s governing time. But denying corruption is not a way of life in Ethiopia is tantamount as denying there is no dictatorship in Ethiopia. It does not serve the nation interest.

09/28/09 @ 18:40
Comment from: EthioMan [Visitor]
EthioMan

How did they cause this loss? Not enough info here.

Was this loss a cost of doing business or did they just take the birr? Did they give loans to their buddies? How and what happened?

Anyone know?

09/28/09 @ 20:00
Comment from: Ashiwa Abeba [Visitor]
Ashiwa Abeba

What ever bad things happens back in our country it is no one to blame but TPLF! How come a thief calls other a thief? Amazing!
Long live Ethiopia!
Down with THIEF TPLF!

09/28/09 @ 23:59
Comment from: Cobra. [Visitor]
Cobra.

Gobezay

they do it properly unlike some…..

09/29/09 @ 08:36
Comment from: bashadula [Visitor]
bashadula

the VP is in US. “Arada amelete fara teletete “!! you see it like contagious disease to still for human being. That’s why I do not truest any politicians claiming they know better for the country. They are another hyena:no::no::no:.

09/29/09 @ 09:21
Comment from: Shamo [Visitor]
Shamo

Look it is easy to still money as long as you cooperate. Just show your business proposal to start the project with some additional money you claim is yours but in reality that money is a funny money not yours may be your friends or relatives. Get you estimate to run and build the project. Then you look for someone who works for the bank to make some arrangement to pay the back officials a certain amount if they get you approved. The board (bunch of thief’s) already knows who is going to get the lone in millions. Once you get approved and pay the thief’s, you take the money and start a fake business with 50% of the loan and hide the rest. You send few payments and see if the business is doing ok if not you declare bankruptcy and runaway.

09/29/09 @ 09:51
Comment from: Girma [Visitor]
Girma

star business group facing the bigest challeng from weyane because of the owners traibal constitution, very sad.

09/29/09 @ 18:28

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