Massive assets freeze in Ethiopia high-level anti-corruption crackdown

Massive assets freeze in Ethiopia high-level anti-corruption crackdown

Abdur Rahman Alfa Shaban with ADDIS FORTUNE

A court in Ethiopia has ordered the freezing of assets belonging to individuals and entities listed in a recent anti-corruption crackdown.

(africanews) — The Addis Fortune portal reports that some 210 individuals had their properties frozen along with 15 companies all linked to the probe.

The portal quoted the Information Minister, Negeri Lencho, as saying: “This is part of the recent aggressive move against corruption.”

his is part of the recent aggressive move against corruption.

The Ethiopian government late last month put over 30 persons before a federal high court on charges of high-level corruption.

The 37 persons were arrested over their involvement in deals that allegedly led to the embezzlement of an estimated 1.1 billion birr – which translates to over $47.2 million.

The detained persons included senior government officials, business people and brokers. The court denied all of them bail and granted police prosecutors 14 days to collect additional evidence.

The bail denial was based on the ability of the accused persons to tamper with sensitive documents. Ethiopia’s economy has been receiving good reviews from international finance institutions, most recently surpassing Kenya to become East Africa’s biggest economy.

A World Bank forecast also said the economy was bound to be Africa’s most expansive for this year. Beating the likes of Tanzania, Senegal and the Ivory Coast.


ADDIS ABABA, Aug. 11 (Xinhua) — Ethiopia has widened an anti-corruption crackdown with asset freezes on 210 individuals and 15 companies.

The individuals and companies sanctioned are suspected to have links with recently arrested government officials, business people and brokers on allegations of corrupt activities, according to report by state owned Ethiopian News Agency on Friday.

The number of suspects arrested in connection to the anti-corruption crackdown has included a Brigadier General, a Deputy Minister and some of Ethiopia’s richest business people.
Sugar development, road and building construction, housing, financial institutions and officials from Addis Ababa city administration in particular have consisted the bulk of the arrested individuals.
Ethiopian government has identified corruption and rent seeking activities as part of the reason Ethiopia was rocked by sweeping unrest in 2016.

The Ethiopian government has since then promised to crack down on grand scale corruption which has afflicted one of the world’s fastest growing economies