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Legal news update

Court Issues Arrest Warrant for Fraud Accused Investor


Court Issues Arrest Warrant for Fraud Accused Investor.

(source Fortune newspaper  http://www.addisfortune.com)

An arrest warrant was issued on April 21, 2011, for Ibrahim Taha who is accused of presenting falsified certified payment orders (CPOs) for the purchase of Hawassa Textile Factory SC and Arbaminch Textile SC; he has failed to show up for two consecutive hearings after being granted a 100,000 Br bail bond in March.

Ibrahim, 32, is accused of presenting two falsified CPOs amounting to a little over 19 million Br, a 35pc down payment on the companies, to the Privatisation and Public Enterprises Supervising Agency (PPESA) on January 31, 2011.

The outstanding amount was to be paid within three years, shorter than the agency’s requirement of a maximum of five years.

The CPOs were allegedly falsified to look as though they had been issued by Bank of Abyssinia (BoA) on January 4, 2011.

Ibrahim, who had previously purchased the Fish Development Market Enterprise from the PPESA, allegedly presented a CPO of 10.5 million Br for the purchase of Hawassa Textile Factory, which is located 273km south of Addis Abeba.

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About Abrham Yohannes

Abrham Yohannes Hailu Licensed Lawyer & Consultant

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