Ethiopia working to repatriate illicit assets acquired through corrupt means says AG

Ethiopia _ illicit assets _

borkena
December 18, 2019

Ethiopia’s attorney general Berhanu Tsegaye says that effort is underway to repatriate illicit assets stashed away in other international jurisdictions through corrupt practices.

He said that on Tuesday this week during his appearance at the Ethiopian Parliament to present his work report for the past eleven months, according to a report Fana Broadcasting Corporate (FBC).

An agreement is reached with some countries to recover national assets, and the government is also working on reaching similar agreements with other countries.

However, Berhanu Tsegaye did not disclose as to which countries are cooperating with Ethiopia in International asset recovery areas.

Based on the FBC report, the location of the asset and individuals who are behind the crime are already identified, and they will be legally held responsible.  Citing the complexity of the matter, the Ethiopian government said that the lists of individuals and the country to which they stashed away assets gained through corrupt practices will be made public as soon as the investigation is finalized.

Attorney General’s public relations affairs directorate, Zinabu Tulu, said the absence of a system in place to administer assets acquired through corrupt practice was a challenge.

To that end, the Asset Recovery Directorate is formed as part of the effort to recover the wealth.

Kleptocracy and nexus of investors-government officials facilitated ways for ill-gained assets to leave Ethiopia.

The attorney general’s office claims that over 95 million Ethiopian Birr is recovered in the 2018/2019 Ethiopian budget year and over 35 million Ethiopian birrs in the last three months. However, Zinabu Tulu did not make it clear where exactly the money was recovered from and if arrested were made.

The office of the attorney general did not disclose an estimate of the assets that are believed to have been taken outside of the country.

A research-based report released by Transparency International in 2015 said that “Ethiopia is among the top ten African countries by cumulative illicit financial flows related to trade mispricing. This amount may be much higher if funds from corruption and other criminal activities are considered.”

Embezzlement, bribery and tax evasion are among areas identified in the study as sources for illicit financial flows from Ethiopia. In the period between 1970 and 2008, Ethiopia has lost about $16.5 billion dollars in illicit financial outflow, according to the 2015 study by Transparency International.



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6 Responses to "Ethiopia working to repatriate illicit assets acquired through corrupt means says AG"

  1. Nashife Raha   December 19, 2019 at 1:15 am

    According to the ESAT report that came out titled ” Ethiopia lost $36b in illicit financial flows ” on December of 2018 Ethiopia has lost in total $36 Billion USD Dollars (thirty six billion USD Dollars) between the years 1970 and 2018.

    Meaning between 2008 and 2018 in one decade period ( in ten years period) Ethiopia lost in Illicit assets $19.5 Billion USD dollars additional just in those ten years, since if you add the $16.5 Billion USD (lost between 1970 and 2008) plus $19.5 USD Dollars ( lost between 2008 and 2018) is equal to $36 Billion USD Dollars .

    Poor Ethiopians should feel proud of themselves by knowing about how much we forgave, we surely hope we get forgiven as we forgave those .

    Each year it is estimated the continent of Africa AU member countries loose upto $50 Billions USD in Capital Flight with AU giving dear ear to the issue.

    ethsat.com/2018/12/ethiopia-lost-36b-in-illicit-financial-flows/

    theafricareport.com/10439/how-can-africa-solve-its-capital-flight-problem/

    Reply
    • Melaku Teshome   December 19, 2019 at 11:58 pm

      ESAT is a useless, whatever it was…

      Reply
  2. Osre   December 19, 2019 at 5:18 am

    All are invited to a meeting organized by Oromo Support Group, Association of North America Oromo Communities Organization, International Oromo Women’s Organization, International Qeerro Support Group & Global Gumii Oromia.

    When: Saturday, Dec 21, 2019
    Time: 2:00pm – 7:00pm

    Where: Oromo Community House
    6213 3rd Street NW, Washington, DC , USA

    Free Bachu Merga (f) and Gemechu Ayana (m), who are in prison for over 5 and 3 months respectively without a conviction.

    Reply
  3. Hindia   December 19, 2019 at 8:32 am

    Ethiopia’s security is at it’s best.

    ” On the announcement that Ethiopia is about to secure a $9bn loan from various sources . ”

    Reply
  4. Melaku Teshome   December 20, 2019 at 12:03 am

    The dynamic and energetic Abiye administration working tirelessly. Watch out, it, Ethiopia will be great again, soon…and so lets all of us do something following their example.

    Reply
  5. Nashife Raha   December 20, 2019 at 9:13 am

    Melaku Teshome

    Certain things cannot be left only to the kid dynamite , we diasporas need to expose the TPLFites bookkeepers in the diasporas . The TPLF mafia group’s bookies CERTIFIED PUBLIC ACCOUNTANTS CPAs in the diasporas are key Criminals , the CERTIFIED PUBLIC ACCOUNTANTS CPAs must make amends . Diasporas need to organize We must help the poor to repatriate the close to $30 billion USD TPLFites invested outside Ethiopia.

    Please read Ecadforums report titled ” Dr. Wondimu says Semhal Meles deposits $5 billion ”

    ecadforum.com/2013/07/26/dr-wondimu-says-semhal-meles-deposits-5-billion/amp/

    Reply

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