Al Amoudi acquires more assets in Ethiopia: The March 2014 story in Forbes is more billions to his name

6 Apr

Video posted by Admin, Source VOA

The world’s 65th billionaire Sheik Al Amoudi is the only privileged Saudi citizen in Ethiopia. He could “cherry pick” and acquire any of the country’s assets at any time, as he has been doing for over a decade now.

At a time, when Ethiopian small producers began to try their hands to produce fruits in view of their rising prices in national and international markets, he bade his time and especially took over one of the farms that has been the larget fruits producer in the country, as the VOA news report in the video indicates.

What is interesting about the sheiks ways of acquiring assets from a poor country, according to persistent news reports, is that – unlike other businesspersons – he manages to do that without paying for them, at least, within the specified period. In normal markets and other countries money is time and time is money. But in this case, it appears it is not in Ethiopia since such operations do not allow Ethiopia to get full worth its assets.

Experience has shown that Ethiopian officials would not inform the public how much debt he now owes the nation from unpaid assets transferred to his name. Interestingly, once a state agency brought court case against him because of that. The charges were immediately dropped and information is not available he has paid in full.

There are two questions this anomalous business practice in state-owned assets persistently encourages. First, why is it that the same privilege not accorded to other Ethiopian businesspersons? Not long ago, there are people who tendered to acquire assets and when they were short of money they were refused extension period for the payments and they lost their bids.

A tale of two soul mates: Al Amoudi and Commercial Bank of Ethiopia Board chairman and Minister of Government Communications Office Bereket Simon

A tale of two soul mates: Al Amoudi and Commercial Bank of Ethiopia Board chairman and Minister of Government Communications Office Bereket Simon

Secondly, is the $100 million Sheik Al Amoudi transferred to Ethiopian officials through Dashen Bank in Addis Abeba in 2009 – the nature and status of which is not still known – the price the country must endlessly pay through these strange asset transfer deals?

We learned about this money directly from the sheik himself, who took the initiative to make it public on MIDROC’s website a little over three years ago under the titleSheikh Mohammed Transferred USD 100 million to Ethiopia.

While the intention is not to do what state institutions must in assuming their responsibilities and out of probity, this webpage has chosen to reiterate the question it raised in October 2012 about that money.

Ethiopians resent that the tycoon is above the law in this poor country, like most of its officials!

Please be transparent; it would only enhance your stature as a businessperson and for sparing the nation of heartburn! We cannot ask of official Ethiopia transparency, whose DNA is bereft of it!

The Ethiopia Observatory

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