Borkena
Toronto – Over 7,735,000,000 Ethiopian birr is reportedly transferred from the Commercial Bank of Ethiopia internal account to individuals and businesses, according to a breaking news coverage from Ethiopian Media Services. It amounts to over US$56 million. The source did not reveal informants for security reasons, it said.
Employees of the bank, government officials and business are involved in the alleged crime.
According to the source, the highest amount is transferred to Kerchanshe Trading which is said to be owned by Israel Degefu. Borkena was unable to confirm the story from other sources. A total of 4 billion Ethiopian birr was transferred to its account. The company is reportedly involved in coffee export and agribusiness in the country.
Individuals involved in the alleged crime are said to have received up to 50 million Ethiopian birr.
Furthermore, the source reported that Police have been undertaking an investigation into alleged crime but many of the individuals involved in it are not yet under police custody. Police have not released an official statement in connection with the alleged illegal transfer of funding and its findings so far.
It appears the Commercial Bank of Ethiopia has been withholding information about the grand scandale.
The National Bank of Ethiopia has not yet released any information about this story at the time of this writing. The bank has been introducing a range of regulatory measures to straighten irregularities in the sector.
The Commercial Bank of Ethiopia has been experiencing financial challenges and received support from the International Monetary Fund (IMF), apparently as part of funding Prime Minister Abiy Ahmed’s Macro Economic Reform introduced in July 2024 which also entailed an arranged depreciation of the Ethiopian currency by over 100 percent.
The Bank has a history of unprecedented fraud since Abiy Ahmed took power as Prime Minister in 2018. In march 2024, Abe Sano, President of the Bank, confessed that 490,000 illegal transactions were conducted over 24 hours following what was described as “systemic glitches.” Although it was reported at the time that the bank lost 5 billion birr when individuals were able to transfer to another account the money they do not have in their account. Later, the bank claims that it managed to recover much of it.
Borkena will update readers as more information become available.
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Another wish list, fake news, so to say, by those who are gripped with hate of the old country. In other news on this very website an official of this bank had denied such illegal transfer of money to have ever taking place. Some had tried but failed. Such frauds have been nightmare for banks even in the advanced nations since the start of banking systems. We have been bombarded with similar cooked up news on other fronts for many years. In one story they try to tell us both Oromia and Amhara regions are practically in the hands of those fighting the government and minutes later they tell us how regional and federal forces have killed civilians deep inside those two regions. They keep spinning news they cook up while gabbling down 6 burgers and 6 pints of ice cream at one sitting from their safe havens in LA, Minnesota, Atlanta, Toronto, Oslo and Down Under. To our amazement, we still can not figure it out why they have not declared their ‘republics’ in Oromia and Amhara regions. I am tempted to do that for them. I just told my Itu kin and kit in Western Hararghe that Rastaman Jaal is coming to their hood blowing a 12inch ganja right in their face. I told them that nigger is someone they don’t want to mess with and has a taste for college level young girls.
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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.