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Ethiopia: Access in ‘Bank Run’ State! - Addis Fortune

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04/08/13

  08:16:02 pm, by admin, 150 words  
Categories: Ethiopia

Ethiopia: Access in ‘Bank Run’ State! - Addis Fortune

Ermyas T. Amelga founder of Access

Ethiopia: Access in ‘Bank Run’ State! - Addis Fortune

Source: Addis Fortune

By his own admission, founder of Access et al, Ermyas T. Amelga, has collected over 1.3 billion Br from the public, through Access Real Estate SC, a company he helped establish and where he controls a majority share, alongside Access Capital Services SC. Yet, his closest business associates estimate the figure could be as high as 1.7 billion Br, mobilised from home buyers numbering a little over 2,000.

Today, the real estate firm, praised by many of Ermyas’ supporters as pioneering the industry, finds itself in a typical “bank run” crisis. It is a situation in which a large number of customers demand to withdraw their money simultaneously, due to concerns over a company’s solvency. Such a decision from customers comes when they panic about the prospect of losing their savings.

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Comment from: Ethio [Visitor]
Ethio

This guy is my hero he started and proofed many idea alot of us dream to see our country not only he made it also he find a way to work a Contry run by butchers this people come after you if you are not one of them .please my friend this the time for you to leave the country now!! Unless you went to end kalit .i know your smart you knows what to do . Good luck!

04/08/13 @ 21:45
Comment from: D/r seifu zewde [Visitor]
5 stars
D/r  seifu zewde

we know mr ermias is great man but the true reason to all of us is vary clear
they plan this from day 1 this is the time for they victory we Ethiopians are keep on bend over and wait to this government un till our turn to take it .
we act like we are doing great NO as I say we just wait our turn one way other .
he is the most amazing man in real state we know him . way before he move to Ethiopia from los angeles he was well known banker
he move to Ethiopia to help his country to show idea but since day 1 he start hiland & royal crown water he face lot of enemy to shut him down but he keep on wining . now here again they try him hard we see what happen .
Ethiopians there is NO justice in that country . they never late other tribe to get on top . what happen to ermias is will get to all of you out there for now you all think you are in safe hand NO open your eyes 24/7 .
ermias amlga is help lot of Ethiopians get a head since he move back in 1999 . we all knows and see that. Ethiopians the new woyane real state agents hate to see that.

04/08/13 @ 22:17
Comment from: anonymous [Visitor]
anonymous

The investers should not get nervous to withdraw thier money.Give mr.elias a chance to prove him self.

04/08/13 @ 22:24
Comment from: lidia haile [Visitor]
5 stars
lidia haile

ato ermias in the first place no need Ethiopia we know him in LA he was big shot
respected by lot of bankers and Ethiopian community I never forget his home in LA back in 1997-98 he have new year party in his house for most of LA Ethiopians I say that time he owns 2 million dollars home .the man is vary good in banking .
how come he fell in Ethiopia?
if we don’t know why we are same as animal we know for fact he is good ethiopiawi no need for him to stay with country killers since he is not pig like them there is no place for him vary clear to all

04/08/13 @ 22:30
Comment from: Gragn Ahmed [Visitor]
Gragn Ahmed

There seems to be competing people or groups inside TPLF. One sides this Addis Tribune and Al Amoudin people. The other side, the people of Ethiopian Reporter editor and his cronies.
Ethopian Reporter is die hard Tigre who probably thinks every thing must be for Tigray. But this time he sided with Ermias. It seems to me he is against Al Amoudin, the only reason for standing with Ermias. He is paranoid of Arab investment and he wants no Muslims to participate. I hate to bring religion into the discussion. If that is the case it is shame on him.

From what I heard or read this guy even turned-in his American passport.
Anyways, we should stop being one sided.
I for one am not fan of Al Amoudin. But this makes me worry about what the intentions of some TPLF is.

04/08/13 @ 22:34
Comment from: Yeha [Visitor]
Yeha

Hey Ethio,
what you saying is that Ermias T. Amelga collected 1.8 billion birr from ordinary Ethiopian who dreamed to have their own houses and whatever little saving they have had paid to him. But obviously this guy is big time short fall from delivering a single home to no body whatsoever.

Now you telling us he must run away from the truth after he looted a billions of birr? no no way that is why you headless diaspora parking lot thieves thought it would be a good idea.No matter what where he is hiding he will be retuning to Ethiopia and locked up in Kality. But I don’t think that is the case here. I believe according to him he will be finished up his promise construction and handed over to his loyal customers their expected houses.

Remember government has nothing to do with thieves people like Ermias. This guys has a history of trouble maker. Why do I call him a thieves because I my self one of the victims. Thank you!

04/08/13 @ 22:46
Comment from: melat agonafer [Visitor]
5 stars
melat agonafer

mr ermias is creat lot of work for many Ethiopians this is sad to see this
I know his wife rahel & her brothers they well educated family to me mr ermias I know he is fighter but he is alone we Ethiopians never help each other for all of as this is sadest moment when good people try to help our country to move for ward then they get punished by woyane gang there is no life in that country for good people .
we Ethiopians we keep on jocking we are jocking on our self it’s true when our turn then we cry deep again he need to get out of that nasty leadership

04/08/13 @ 22:52
Comment from: Dulla [Visitor]
Dulla

Things don’t work the same as USA. In Ethiopia, our demand, risk and opportunities are entirely different from US. He miscalculated a lot of things and tried to be Warren Buffet by taking short cuts. He just have to go home and pay back my mom and dad’s money immediately. He can’t run away from the law, it will catch up to him where ever he is. Mafia!

04/08/13 @ 23:39
Comment from: addiszemen [Member]  
5 stars

For an ambitious business person like Ermias, a simple mishap can take the Domino’s effect which cannot be recoverd easily.
What happend to Mr Ermyas’s venture seems to be just a bad luck, which could happen to any big time business people.
As he trys to correct all the mishaps from here in the states, calling all the shots, he also needs some kind of govt bail out, considering his great work ethics he brought to the country.
I wish him good luck!

04/08/13 @ 23:49
Comment from: john john [Visitor]
5 stars
john john

There is no one to trust now a day the best solution is very strong regulation by the government in every one activity.

04/08/13 @ 23:50
Comment from: Seattle [Visitor]
Seattle

Too late now.

TPLF voltures are already hovering over his remaining business he worked so hard to creat.

04/09/13 @ 00:11
Comment from: Lazy Observer [Visitor]
Lazy Observer

Here we go again….

Don’t get your knickers in a knot Fools and Idiots.

The guy was running a classic ponzi scheme. And all ponzi schemes, by definition, have to come to an end.

04/09/13 @ 00:45
Comment from: Recklessness is the cause [Visitor]
Recklessness is the cause

guys please try to see thing from victims perspective some of whom have worked all their life just to own that one precious thing in their life, somewhere to call home..Ermias has been reckless collecting people’s money with a false promise to deliver houses and investing is on other adventurous businesses..

04/09/13 @ 01:02
Comment from: jordan [Member]  
jordan

He is my hero!! We all know this gentelman is extremely smart and hardworking. Unfortunately he is Ethiopian..NOT WOYANE!! yeah!that is the whole drama!! very sad indeed!!…

04/09/13 @ 02:02
Comment from: Ash [Visitor]
Ash

Ermyas T. Amelga, is my hero

He managed to collect 1.3 up to 1.7 billion birr that by itself is big success most people pay him in full…

Now not only his skill also in ethiopa Good Looking count for something… If Mr.Ermyas T. Amelga uguly guy I would doubt that people trust him… Just like America ethiopan love beautiful people.

Anyhow how business work and soultion..

I did read what was written because I am afried I will read bad thing about him.

First let even admit mr.Ermyas T. Amelga can’t delivered the home on time… The reason might be many but the main reason is let assume luck of cheap land second management problem miss allocation of money and other resources

In America the real estate might tell u you can get ur home in two years but mostly they don’t delivered u might be waiting exter one years now u have the right to pull ur money out but the real estate already invested on land and machinery and did half the job and incurred expensive so if everyone pull the money out the real estate will be bankrupted and no body get his money… So the investor choice would be to wait and get their home..

In Ethiopia case there is no bankruptcy protection… So Mr.Amelga personally responsible that means they will sale every thing he own and make him homeless

Ethiopia can’t do business this way if Mr. Amelga pay tax and many other business personal pay tax at less what the government can do is give bankruptcy protection..

How bankruptcy protection work..

The government evolution find that Mr.Amelga real estate worth saving then the government give Mr.Amelga bankruptcy protection that means…

Just to simplif the idea government gruranty that 1.7 billion will be paid by government in case of mr.Amelga could not pay it… That doesn’t mean the government start giving the money right away..

No the creditor can’t demand their money back they have to wait unite mr.Amelga rearrange his business without the creditor withdrawing their money… That means the creditor will not bankrupt him by forcing him to pay them… Instead mr.Amelga will get breathing room that mean he use the creditor money to build their house and delivered the house one time… That means every body happy..

The creditor happy they got their house
The government happy because they saved one business who will be tax for long time to come

Mr.Amelga happy because he safe his business and good name….beside he will be happy to pay tax next time…in fact every business will be happy to pay tax if they know the government will be there to protect them..

In case of mr. Amelga couldn’t recover then the business will be sold and distributed among the creditors but still Mr. Amelga only responsible his business his personal home and personale worth still protected so that he will not be homeless… Yes they can take away his permit to collect money but he will be free to work and earn a living downing business is not a crime sometime business fail so if the business fail that doesn’t mean u committed crime… Business fail that is the risk every one should understand…

Saying that just like America bailout their banking and car industries Ethiopian government should bailout Mr. Amelga

I don’t understand why the government can’t give him land even for lease but fast to save him

I don’t know how much Ethiopian government lease land for real estate company….. Real estate company are creating a lot of job I don’t know why they don’t be given free land at least to start…. Mr.Amelga can show 2billion birr just like the Indian investor he must be given land to start his business at least first round he must get land for free and fast.

Even government promising land will cool down Mr.amelga investors from demanding their money….pls pls save this company…. I don’t want him to fail the other day the first car company shutdown his business the government could have saved the company but didn’t then what the point of government collecting tax if they can’t save them when they face bankruptcy

I think in Ethiopia u have to pay bribe to do business I think Mr.Amega maybe didn’t pay bribe the right official to get his land fast… He lost his water bottling company today they are many water bottling company… Is this not copyright infringement…..they ask him too much tax while other company taking his share and controlling the market…. Now this must be investigated who prevented him who give permit for other company to do the samething that he does… U can’t start bottling coke cola and giving it another name… In Ethiopia if someone start one king of business other start the same kind of business and kill his business atleast the first business must get the same protection as music industry they have to by permit from the first guy to work on the same line of business…

04/09/13 @ 04:21

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