The executive directors of Purpose Black Ethiopia Trading Company have been arrested. They were arrested on Friday on suspicion of abuse of power and fraud. Purpose Black Ethiopia was launched in May 2020.
An investigation was initiated on the basis of a complaint submitted to the police by the shareholders who claimed they had been cheated by the association. The executives of the joint stock company were arrested by the Addis Ababa Police Commission.
Purpose Black Ethiopia has been collecting money from the people by advertising in the media and leaflets that it has built residential properties to sell for 1.5 million birr each.
Dr. Fisha Eshetu, the CEO of Purpose Black Ethiopia, fled Ethiopia and entered the United States around 2 months ago.
The CEO released a message from the US. He accused Ethiopian government officials of demanding bribe. His company’s bank accounts were blocked by government more than 3 months ago. CEO’s personal bank accounts were also frozen.
“First they demanded bribe of 250 million birr, then 200 million birr” – Dr. Fisha Eshetu accused government officials. He claimed to be in possession of telephonic evidence regarding bribe demand by government officials. “I left the country because I was forced by the oppressors,” he said.
Fisseha said that government accused him of supporting armed groups like Fano. He said, “The accounts were blocked for allegedly helping the extremist Fano armed forces, smuggling weapons, corruption, money laundering and others.”