Commercial Bank of Ethiopia reaction to reports of massive loot from the system appears to be blurry
Borkena
Toronto – The Commercial Bank of Ethiopia (CBE) on Wednesday released a brief statement to clients and shareholders in reaction to reported massive fraudulent transfer of birr to a business and individual accounts. “We are forced to give a brief statement on the issue,” the statement said.
The Bank cited in its statemet the breaking news coverage from Ethiopian Media Service (EMS) , which, on Tuesday, reported that over 7 billion birr was looted from the bank, as “false news.”
It also said the report “that the Bank covered up the story and those involved in the looting are not in custody” is “false.”
“On the contrary to what was reported in the media, no money whatsoever was looted from our bank. Rather it was an attempt to look for a large amount of money,” The bank said in an explanation. However, this disclosure was not made public until a day after Ethiopian Media Service reported the matter in its breaking news coverage.
The narrative the bank projected is that the bank’s internal control system “detected a suspicious activity within minutes after the attempt was made.” It was stopped immediately and no money was transferred, according to the bank.
CBE also made claims that the foiled attempt was made by “some individual suspects who were trying to get inappropriate benefit, and was not an intrusion on the banking system.” Ethiopian Media Services did not report that the system was compromised. What was reported is that individuals from within the bank, businesses and government officials were allegedly involved to transfer the amount of money cited above to individual and businesses accounts. The business owner was identified as, according to the report, Kerchanshe Trading – a business involved in coffee export and agribusiness.
Furthermore, the bank reported that the incident was reported to relevant law enforcement authorities. Suspects are arrested and police are undertaking an investigation into it. It pledged to make the outcome of the investigation public when it is completed.
Yet, the bank painted a picture that it could be targeted by entities like any financial institutions but ” a strong control mechanism is in place.
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I have a better sounding number. How about 74.4 billion? Sounds much better, right? It will be tailor made for these bigots and connivers here among us so they can use it full throttle feeding on the raw emotion of the gullible. In case you did notice, I did not mention the currency in my versions of the story. That was a pre planned ruse. I left that up to your wild imagination. The 74.4 could be in Euros or US. Dollars but obviously it could not have been in Birr. Excuse me for now cuz I am in the middle of feasting on the raw emotions of the unsuspecting. Hey y’all! Don’t forget to donate to keep my YouTube, TikTok and Facebook channels. I have set the target at $500,000 for today only. You see my this big belly? I have to fill it up with the best fillet mignon in town.
Make that:
In case you did not notice, I did not mention the currency in my versions of the story.