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Dama
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Feud between Getachew and Debretsion is over who controls EFFORT: Reporter

Post by Dama » 14 Jan 2025, 11:49

TPLF used EFFORT to plunder the Ethiopian economy

https://www.thereporterethiopia.com/42642/

Dama
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Posts: 3131
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Re: Feud between Getachew and Debretsion is over who controls EFFORT: Reporter

Post by Dama » 14 Jan 2025, 12:58

"Despite its strong centralization and its characteristic iron-like discipline, TPLF is not a stranger to factionism. This time, the split appears to be drawn along the lines of a conflict of interest over control of the region’s resources rather than political differences."

Dama
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Re: Feud between Getachew and Debretsion is over who controls EFFORT: Reporter

Post by Dama » 14 Jan 2025, 13:01

"EFFORT is a conglomerate of dozens of companies initially formed as a PLC in 1992 with a reported capital of USD 100 million. It was converted into an endowment fund three years later."

"Among the companies under its wing are Trans Ethiopia, Guna Trading House, Ezana Mining Development, Sur Construction, Saba Dimensional Stones, Hiwot Agricultural Mechanization, Maichew Particle Board, Addis Pharmaceutical Factory SC, Bruh Tesfa Water and Irrigation Technologies, Abergele Int. Livestock Development, Dejena Chemical Engineering, Messebo Cement Factory, Mesfin Industrial Engineering, and Almeda Textile Factory."

Dama
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Re: Feud between Getachew and Debretsion is over who controls EFFORT: Reporter

Post by Dama » 14 Jan 2025, 13:06

"Although by definition endowment funds are set up through donations and meant to be used to fund charitable causes (in this case public services and infrastructure in Tigray), EFFORT has remained firmly under the control of TPLF central committee since its inception, never directly accountable to the public."

"The Fund and its overall management have always been opaque, making it difficult for analysts and regulators to keep track of it even before war broke out in 2020. Some classify EFFORT’s lifespan into three categories: pre-war, war, and under TIA management."

“EFFORT is an enormous conglomerate. [It is] probably the third largest in Ethiopia next to Ethiopian Investment Holdings and MIDROC,” said one financial and economic analyst, who requested anonymity."


"In a 2017 paper titled ‘Inside the controversial EFFORT’, Techanie Befekadu stated the Fund’s paid-up capital was three billion birr, with no less than 66 companies under its wing. The paper indicated EFFORT also held majority stakes in several other businesses."

"In a 2019 research paper dubbed ‘The Party That Consumes the State: The Rise of Oligarchy in Post-1991 Ethiopia’, Tefera Negash Gebregziabher offered extensive insights on EFFORT’s shadowy trajectory in relation with the Ethiopian People’s Revolutionary Democratic Front (EPRDF), TPLF, and other heavyweight political entities."

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