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(ZeHabesha News) A shocking new Zehabesha's investigative report reveals a highly coordinated scheme where local investors are using Dubai-based "sister companies" to siphon billions out of Ethiopian state banks. Through massive project loans from the Commercial Bank of Ethiopia and the Development Bank, these individuals are orchestrating a devastating capital flight and foreign exchange heist.
Here is how the massive scam works: Instead of buying factory machinery directly from manufacturers, corrupt investors route the purchases through their own offshore shell companies in Dubai. They submit wildly inflated invoices. for example, securing a 7 billion Birr loan for a machine that actually costs 5 billion and stash the massive difference in their offshore accounts. This leaves Ethiopian banks drowning in unpaid, non-performing loans while the perpetrators get rich without breaking a sweat.
The economic sabotage does not stop there. These same actors are manipulating trade by under-invoicing exports and over-invoicing imports. By selling Ethiopian goods cheaply to their Dubai companies and keeping the real profits abroad, they are hoarding precious US dollars. All of this is happening while Ethiopia is suffering from a crippling forex shortage that is forcing local factories to shut down.
Financial experts and intelligence agencies warn that this level of money laundering and capital flight is impossible without the inside help of complicit bank officials and weak regulatory oversight from the National Bank and Customs Commission.
Billions meant for national development and job creation are being stolen. Let us know your thoughts on this massive corruption in the comments, and be sure to share this video to expose the truth!

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