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The Dark Side of Kesis Belay Mekonnen’s $6 Million Scam

May 2, 2024
1 min read

Kesis Belay Mekonnen, a clergy member of the Ethiopian Orthodox Tewahedo Church, has been implicated in a fraudulent plot. This occurrence took place subsequent to the Ethiopian Commercial Bank’s declaration of a technical problem in March, leading to a significant number of customers becoming targets of deceitful withdrawals amounting to millions of dollars. On Tuesday, 30th April, the African Union revealed that an attempt to misappropriate more than six million dollars from accounts held at Ethiopia’s main financial institution had been effectively thwarted.

The AU reported that an outsider tried to withdraw funds from its accounts at the Commercial Bank of Ethiopia (CBE) through deceptive payment orders related to construction and water drilling projects.

The AU commended the CBE staff and its finance department for their alertness and quick action, which effectively stopped the fraudulent activity. This timely intervention stopped the funds from being taken out, prevented a possible financial loss, and upheld the financial and management controls’ integrity.

On 15 April, an incident occurred at a CBE branch situated at the AU headquarters in Addis Ababa, the capital of Ethiopia. The Ethiopian security authorities were promptly notified, and swift actions were undertaken to ascertain the identities and apprehend the individuals responsible, following the established investigation protocols.

The AU expressed its concern over the attempted fraud, emphasizing that it had brought to light possible weaknesses. Consequently, a thorough evaluation of the current security measures has been initiated.

The African Union is currently partnering with the Commercial Bank of Ethiopia to enhance security measures and enforce better protocols in order to deter any future fraudulent activities that may jeopardize its financial stability.

Following a technical issue reported by the CBE in March, which resulted in unauthorized withdrawals amounting to millions of dollars by numerous customers, the AU is taking proactive steps to prevent similar incidents from occurring in the future. 3

The CBE’s disclosure of a theft totaling approximately $19.5 million has prompted the AU to collaborate closely with the bank to address security vulnerabilities and minimize the risk of potential financial losses, with some sources suggesting the figure could be as high as $100 million.

TH

3 Comments

  1. Nice job, Abiy Ahmed!
    This clearly was a set-up that Abiy Ahmed arranged. After having used Belay to divide the Ethiopian church along ethnic lines by establishing a fake Oromo Synod etc, now he has used Belay again to tarnish the image of the church. This is a typical end for all of Abiy Ahmed’s lackeys: to be used and dumped disgracefully. Abiy’s top motto is Sarun asayito gedel mektet gefto.

  2. My Dear Horn of Africans,

    I know we are tied with the politics of the region which is understandable. But there is a disaster of historic proportion is afoot for East African brothers in Tanzania. There is a very violent hurricane is heading to its eastern shores with metropolitan Dar Es Salaam in its cross hairs. It will then move inland from there and its outer bands can devastate Kenya, Rwanda, Burundi, Uganda and even our old country. Let’s all pray that the hurricane will weaken and dissipate before it makes landfall. I have watching this storm for a week now. So far more than 250 people have died from just torrential rain that drenched Tanzania and Kenya last week. All these countries have been sitting on their laurels for not being prepared for such natural disasters. Can you tell me any one of the Horn of Africa countries that has meaningful preparedness for major earthquake? None of them, right? But they are sitting on an active tectonic plate. It gives me the willies thinking if a shallow earthquake of 5.5 or higher scale hits major cities like Addis/Finfine, Asmara, Dire Dawa and Djibouti or any other major cities. A countryman once told me earthquake used to be considered in issuing building permits in the capital during the late Emperor’s time. But once commies and their offshoots began ruling the country that was sandbagged and ‘Workers of The world Unite’ and ethnic politics have been all the rage. They took over the mantle of running the country and they have doing every thing in their demonic arsenal to run that gem of the colored to the ground

  3. TO _ITTU ABA FARDA , there is a saying there is no fool like the old fool , when anything is posted on this page which affect your body ABIY you try to divert to another subject that is why you write this comment which has noting to do with the article.

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