Azeb Mesfin, wife of Ethiopia’s genocidal dictator Meles Zenawi, a member of the rubber-stamp parliament and boss of the biggest corruption scheme in Africa called “the Endowment Fund the Rehabilitation of Tigray” (EFFORT) has been pushing state banks to the brink of bankruptcy.
According to well-positioned banking sources, since Azeb took over EFFORT from Sebhat Nega last year she is personally pressurizing banks to illegally grant huge amounts of loans in local and hard currency. EFFORT, which allegedly owes close to 10 billion birr in unpaid loans mainly from the Commercial Bank of Ethiopia, the Development Bank of Ethiopia and the Business and Construction Bank, is well-known for defaulting on the multi- billion birr loans it is raking out of the coffers of state-owned banks.
Azeb, widely known as the First Lady of African Corruption, has been hand twisting banks, managed by inexperienced TPLF’s hirelings, to loan out a string of additional funds to EFFORT, which has practically monopolized the economy. The latest installment of the loan bonanza to the privileged and discriminatory ethnic business conglomerate arrived in the amount of $120 billion (1.6 billion birr) which was secured a few months of ago from the major state banks including Development Bank of Ethiopia. The bank has already been in the red as it carries a huge burden of unpaid non-performing loans.
The latest loan was approved for EFFORT’s shady business proposal to launch a huge irrigation project in Tigray. Under Hiwot Agriculture Mechanization, one of TPLF’s numerous companies, EFFORT has already short-listed foreign agribusiness giants including, a Saudi Arabian Irrigation firm, Alkhorayet Industry and Valley, the British Irrigation company and Israeli Drip irrigation, Omni. The main idea of the project is to produce cash crop for export while two-thirds of households in Tigray depend on food aid… continue reading at AddisVoice.com
19 thoughts on “Azeb Mesfin bankrupting Ethiopian state banks”
A solution that could get Africa out of its governance quagmire could be closing up countries that fail to work. Closing them up like bankrupt companies. As much as I hate to quote the pompous Sir Geldof I find myself bound by the fact that his point of view may get some noises going after my call for the international community to declare some countries bankrupt fell on deaf ears.
Arguing that the problem of famine may be with us for some time yet, Sir Bob Geldof is quoted by the Weekly Telegraph (issue no 590) as saying: “Part of you has to accept that maybe certain parts of the world for the moment are untenable. That is very hard to say to the people who live in that area”.
The truth though is that it is not really very hard to say or to have it accepted. “Untenable” is a way of life for millions of people. Now, if the Ethiopian government is able to claim that there is a 10% per year economic growth while the number of famine victims exponentially rise to 14 million, notwithstanding the euphoric World Bank and IMF endorsement of the growth figures… there must be something wrong somewhere!
A regime that cannot feed its people despite the massive aid it has received from abroad over the years should be removed—it is “untenable” to say the least.
What is the criteria for bankruptcy? Immorality and carnage? Economic failure in most cases caused by foreign predators? Inability to come out of stifling poverty? What? I can understand one cannot just padlock and declare a country closed, but imagine the promise this possibility, as regards the regimes in place, holds. Being able to declare regimes bankrupt and calling for their immediate removal.
Most of the tyrants that are lauded by the West are alien to democracy and good governance. Tony Blair’s darling boy Meles Zenawi was a killer of hundreds who run Ethiopia down in all fields for years. If biblical famine still stalks the land it is because of his rule and policies, and not because Ethiopia is an arid land or its hardworking people lazy. Untenable and bankrupt should be stamped to that tyrant’s forehead.
In the same interview presented above, Sir Geldof explains that it kills him to observe a starving eight year old boy who, whilst waiting in line to die, prays for “death to hurry up and come”. An eight year old boy is not some tired cynical old man and only a horrible reality would push him to wish for a hurried end to his innocent and young life. Does this not say a lot about the same regime that Britain and America consider as one of their closest allies? Perhaps, they share the same ideologies? Does this not qualify those systems as cynical, cruel and “untenable”?
A determined, humane and radical change may be the solution, but then this has been a call we have all too often heard. For all we know, installing a system of checks and balances to declare “untenable” regimes bankrupt is one solution that has not become dated and irrelevant. A “tenable” solution yet.
This is one of many reasons why tyrant Meles is blocking VOA and ESAT. I am deeply saddened, angry and frustrated that, a husband and wife team robbers are running one of the oldest historical country in the world. These courier criminals need to be locked up in jail, instead of living in the palace. They are a disgrace to Ethiopia.
e.kifle you going to teach your kid, if y have one,unhummanity and haterate rather than love.feed your head true love before you mad. your country definitly marching a head by the galent current leader of ethiopia.
The basic theme of the legend of a rebel queen as a destructive fury bringing ruin and devastation upon Aksumite civilization is common to Ethiopian tradition, both oral and written, and to the corroborative external sources. Ethiopian tradition affirms, however, that this queen was of the Jewish faith. Some manuscripts studied recently at Aksum by the contemporary scholar Sergew Hable-Selassie provide a surprisingly detailed framework to the story. They indicate a belief that Gudit was related in some way to the royal family – she is, for example, said to have been a grand-daughter in the female line of Emperor Wedem-Asfäré. She is also said to have married a Jewish prince, a certain Zenobis, son of the King of Šam, which is an Arabic form for Syria, but here appears to designate a country on the Red Sea coastal plain, perhaps to the north of Ethiopia. She set out with her husband at the head of an army he had provided to attack Aksum in vengeance for harsh treatment that she had received in the past, coming across the Samhar plain from the coast, at Arkiko, i.e. a complete change of direction from that usually postulated by modern scholars. It is of interest to note that the same text gives the name of the queen in its various forms with the addition of the Teltal, Ga’ewa, reminiscent of the Béja queen Ga’ewa who was an ally of Ahmad Grañ. A detailed description of the destruction of Aksum is also included, first the cathedral and then the ancient stelae, “…constucted by Greek artisans, at great cost.” Traditional scholars generally affirm that the invasion of the queen dealt a death blow to the city of Aksum and it is interesting to note, that, in the Gädlä ‘Iyäsus-Mo’a, it is recorded that, in the seventh year of the reign of Del-Nä’ad, sometimes said to have been the son or grandson of Degna-Zan , “…[the seat of] the kingdom was transferred from Aksum to the country of the east.” It is also suggested that, to plan her campaign, Gudit took advantage of the death of Emperor Degna-Zan, who had perished with an entire Aksumite army in the desert, while on an expedition to the “land of the Arabs,” apparently western Ethiopia.
With the evidence available to us we can only hypothesize on the historicity of Queen Gudit. If her existence as an historical personage is accepted, it is still a matter of conjecture whether she should be identified with the queen of the Bani al-Hamuya and represented a resurgence of one of the non-Christian indigenous populations of southern Ethiopia, or whether she had indeed much closer links with the Aksumite dynasty and was perhaps herself an apostate and leader of a Judaized element. It is possible that the whole cycle of legends of a Jewish queen who brought about the downfall of Aksum evolved from indistinct memories of invasion and persecution by a woman ruler, who in fact killed the reigning Emperor and for many years persecuted Christians and destroyed their churches.
Excerpt from “Gudit”, Yodit Gudit’s 10th century history. – Belaynesh Michael
Note: Ethiopia is never without brute rulers as the story of Yodit Gudit tells the story above: የታሪክ አተላዎች of that time as well as present played pivotal role in bringing about these ruthless rulers. Wallis Budge’s The History of Ethiopia, Nubia and Abyssinia… details Gudit’s savagery and how she managed to wipe out 400 of the royal princes in one night. የታሪክ አተላዎች of today: the Marxist & Lenninist, the ሆዳሞች/opportunists, the rebels, the Al-Amoudi worshipers, ግቦ ተቀባይ፡ፍርድ አጣማሚዎች, the drunkards, the lawless – ዝንጀሮ፡ ጦጣ፡ ውሻ etc.
ኧረ እናንተ ስዎች ደስ ደስ አለኝ
ለዝንጀሮዪ መጋኛ፡
ለጦጣዪ ቀበኛ፡
ለውሻዪ ዳኛ፡
ተላክልን ለኛ።
“History repeats itself, first as tragedy, second as farce.” – Karl Marx
it is a good thing exposing the crimes of Woyane to the world and it may change the opinions of the world. but it dos not change the suffering of the Ethiopian people in the hand of the WOYANE. or we can talk until the kingdom cams noting will change. unless we Ethiopians put our talk into action like the armed struggle. EPPF and Co. are doing and put our talk into supporting the armed struggle with all our heart and mind we will still be talking about WOYANE 20 years from now. the question is what are we going to do about it to day for the Ethiopia tomorrow.
Ethiopia and Ethiopians have been brutalized by these insane tigrian bandits for the last 19 years. It is going to continue unabated until they are kicked out of Ethiopia in to thier god forsaken village. Tigrai has been cursed in to producing offsprings that do not think kindly to ethiopia and ethiopians. Even king yohannes betrayed his country and its people when he led the invading British army to meqedela and caused the death of emperor tewodros and other patriotic ethiopians. It was a group of tigreans who formed EPRP and caused the death of all those genuine Ethiopians who thought it was a genuine organization. however, EPRP was just a front for woyane. while innocent ethiopians died with derg’s bullet, the tigrean founders of EPRP left to tigrai and joined their parent organization. now they are ministers , business men , generals or what have you and are engaged in openly killing ethiopians and robbing their country. Therefore, woyane does every day what a brutal bandit tends to do. and that is rape, kill and rob.
$120 billion = 1.6 billion birr?????
Please correct this.
Thanks
azeb gudit is not finished with ethiopia yet. When will be her monument be erected. This time I thought it will be in kmr dngay.
Is $120 billion equal to 1.6 billion birr? please try to read what you wrote first before you post it to the public.
Typo error, it is obvious that anyone can figure out that $ 120 billion as $ 120 million.
Cheers
Folks: This is less of news since all good Ethiopians know fore sure the FACT that the whole of Ethiopian human and natural resources are being monopolized and owned by the force of guns and the one man one family dictatorship.
If they are allowed to own the whole country what is the big deal if the milk the bank and rob the of the country just like dictator Mengistu who robbed the bank and fled the country. At least Mengistu robbed the bank once he came to know his down fall but not as a matter of routine constant robings while the wretched Ethiopians have nothing to eat or drink.
This sounds like the history of the cultist ex prim minister, Nicolae Ceausescu and his wife Elena Ceausescu, tandem totalitarian dictators who ruled over the dark age of Romania but were promptly overthrown by popular uprising joined by the country’s army when ENOUGH is ENOUGH! :)
I think its 120 million dollars which is almost equivalent to 1.60 billion birr with a 13.33 exchange rate from USD to ETB.
What r these? African Bonnie and Clyde?
The internationally known supper robbers who invaded Ethiopia twenty years ago and continued to loot millions in Ethioipi day-in-day-out can not be captured and be brought to justice by prayers only;of course,God and Ethiopians are angry at these ruthless robbers.We must put everything aside and focus on capturing these robbers either dead or alive.
Comment No. 6 is really from a mentally ill person. I would find Ethiopian websites, specially the ones that allow comments from viewers, well fit for a psychiatrical research on few Ethiopians that do have all types of depression as a result of all types of tormentation inflicted to them both in Ethiopia and overseas. Please some of you think before you write or you will be fit for my analysis of your mental condition.
call him Meles Zenazi
what is the big deal of the error. 120 millon USD (1.6 billion birr)
i am against the government involving in business through companies like effort and it should stop.
but, didnt ethiopia spend billions of dollars for the power and road projects all over the country. the gibe project by itself is a billion dollar$ project. so what is the big deal here to the point some of you are displaying racism and hate against one of ethiopias people. who is worst here you who are preaching bloodshed and genocide against our own people or those who unfairly borrow money to build irrigation???????think about it!
Azeb, widely known as the First Lady of African Corruption, has been hand twisting banks, managed by inexperienced TPLF’s hirelings, to loan out a string of additional funds to EFFORT, which has practically monopolized the economy. The latest installment of the loan bonanza to the privileged and discriminatory ethnic business conglomerate arrived in the amount of $120 billion (1.6 billion birr) which was secured a few months of ago from the major state banks including Development Bank of Ethiopia. The bank has already been in the red as it carries a huge burden of unpaid non-performing loans.