Ermias Amelga of Access Real Estate Arrested.

ermiyas_amelga.jpg - satenawErmias Amelga, the founder and chairman of Access real estate is arrested following the mismanagement of the company since 2013.

He was brought back to Ethiopia after 8 months of negotiation with government to settle issues in the company.

After his arrival few months ago, there has been hopes that the issues will be settled. However, the authorities decided to arrested him for un known reason.

Ever since he came back from the United States in the mid-1990s, he has been selling his new initiatives. He took over an edible oil mill from the state and turned it into the first water bottling plant; established the first private equity i.e Access Capital Services S.C. He also promoted and became board chairman of Zemen Bank, a commercial bank initially operating with a one-branch concept, relying on much technology, but currently operating with additional branches. His later growth was the establishment of ARE.

ARE was originally formed by five shareholders, with a 50,000 Br registered capital namely, Ermias, its CEO and chairman of the board, Access Capital, Haileleul Tamiru, partner of Deloitte, a global consulting firm, Tekle Alemneh, a person who was with Ermias in forming Zemen, and Amsalle Bayu, his lawyer. Later on, the number of shareholders increased to 652 and its capital grew to 41.6 million Br. Of this, 34 million Br is paid-up.

5 COMMENTS

  1. Ermiyas Amalga returned to Ethiopia by getting an Exceptional Gov’t Guarantee in 2015 the guarantee expired in the new year 2016. The Ethiopian government says “any guarantee we make changes as the year changes”.
    IN 2016 the Ethiopian government charged him with being the main culprit inciting the recent protests denying to renew the guarantee for another year and arrested him again. .
    T. Amelga started again implementing his plans to resolve the snags of Access Real Estate (ARE) S.C started February 23, 2015 to finish his responsibilities , after the committee set up by the government succeeded in having him back to Ethiopia after an eight-month negotiation, on Thursday February 19, 2015. .
    Reports reaching from Addis Ababa say Ermias Amelga, a prominent businessman, has been put behind bars in 01/2016 . Ermias was the founder of the controversial Access Real Estate and Zemen Bank.
    Ermias was in exile for two years following charges and allegations of financial mismanagement by shareholders and investors of Access Real Estate, which was engaged in the construction of real estates and residential buildings. The government later formed a committee to oversee the matter and Ermias was swayed to go back home and conduct business as usual.
    In February 2015, Ermias went back to Ethiopia from Dubai, where he stayed the last two years, following guarantees by the government that he would not face any legal actions, according to reports.
    The government media reported that Ermias was put under custody on matters related to Access Real Estate inciting recent protests in southern regions burning down colleges ..
    Ermias is also known for pioneering the production of bottled water in Ethiopia.

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  2. Arresting Ermias is not a solution to the problem but making him part of the solution will be beneficial for all.

  3. Ermias’s return shows how confident he is in his entrepreneurship abilities. In my view, that is why he returned to the country. Is that possible to be a business person being non tigre in today’s Ethiopia?

  4. Ermias’s return shows how confident he is in his entrepreneurship abilities. In my view, that is why he returned to the country. Is that possible to be a business person being non tigre in today’s Ethiopia?

  5. He took my12.000 dollars he never give for the partner company I am non tigrean.But he took 956.000 thousands Ethiopian birr no house almost 7 years .

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