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Wedi
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Joined: 29 Jan 2020, 21:44

የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Wedi » 15 Jun 2024, 09:04

የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!!

እኛ እኮ ፐርፐዝ ብላክ የማፍያ ድርጅት እንደሆነ ድሮም ተናግረናል!!

አይ ፐርፐዝ ብላክ!!

:lol: :lol:
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Horus
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Posts: 39769
Joined: 19 Oct 2013, 19:34

Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Horus » 15 Jun 2024, 13:52

አይ ወዲ ወያኔ፣
አሁን ወሬ ብለህ ይህን ትነፋለህ? ሌላው ጂኒየስ ኤርምያስ ጠቅል አመልጋን ባንክና ፋብሪካውን መዝጋት አይደለም እስር ቤት ስንት ግዜ ማቅቋል ። ኢትዮጵያ በፊውዳል ደንቆሮች፣ በሞላጫ ሌላ ለማኝ ወያኔዎች ፣ በዱላ ተሸካሚ እረኛ ብልጽኛዎች መዝረፍ እንጂ መስራት ፣ ማፍረስ እንጂ መፍጠር በማይችሉ እበት ደንቆሮች ኢትዮጵያ ለዘመናት እያከከች አለች!!! አሁን አዲስ ወሬ ያገኘህ መስሎህ ነው ። አይደለም የንግድ ጂኒየሶች አሸናፊ ከደበደን ረቂቅ ሙዚቃ ፈጠረ ብላቹ ካገር አባራችሁ እራሱን እንዲያጠፋ ያደረጋችሁ እበት ኩበቶች !! አዋቂው በረከተ መርገም 'ጥሬው እስኪበስል የበሰለው ያርራል ' ብሏልኮ ! እናንት ጥሬ ሁላ!!!

Wedi
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Posts: 8598
Joined: 29 Jan 2020, 21:44

Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Wedi » 15 Jun 2024, 13:55

Horus wrote:
15 Jun 2024, 13:52
አይ ወዲ ወያኔ፣
አሁን ወሬ ብለህ ይህን ትነፋለህ? ሌላው ጂኒየስ ኤርምያስ ጠቅል አመልጋን ባንክና ፋብሪካውን መዝጋት አይደለም እስር ቤት ስንት ግዜ ማቅቋል ። ኢትዮጵያ በፊውዳል ደንቆሮች፣ በሞላጫ ሌላ ለማኝ ወያኔዎች ፣ በዱላ ተሸካሚ እረኛ ብልጽኛዎች መዝረፍ እንጂ መስራት ፣ ማፍረስ እንጂ መፍጠር በማይችሉ እበት ደንቆሮች ኢትዮጵያ ለዘመናት እያከከች አለች!!! አሁን አዲስ ወሬ ያገኘህ መስሎህ ነው ። አይደለም የንግድ ጂኒየሶች አሸናፊ ከደበደን ረቂቅ ሙዚቃ ፈጠረ ብላቹ ካገር አባራችሁ እራሱን እንዲያጠፋ ያደረጋችሁ እበት ኩበቶች !! አዋቂው በረከተ መርገም 'ጥሬው እስኪበስል የበሰለው ያርራል ' ብሏልኮ ! እናንት ጥሬ ሁላ!!!
ሌላ የምትጨምረው አለህ? :lol: :lol: :lol:

DefendTheTruth
Senior Member
Posts: 12869
Joined: 08 Mar 2014, 16:32

Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by DefendTheTruth » 15 Jun 2024, 15:18

ይህ ጉራጌ ጄኖሳይድ መሆኑ ነዉ እንግዲህ! ዐብዪ ሙስት ጎ!

ዐብዪ ሙስት ጎ!ዐብዪ ሙስት ጎ!...................

Right
Member
Posts: 4230
Joined: 09 Jan 2022, 13:05

Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Right » 15 Jun 2024, 16:37

በፊውዳል ደንቆሮች
Horus,
I don’t know about PB. But the name calling suggests that you seem to be angry and agitated.

The above feudal remarks caught my eye. Is it a nickname for the Amharas? Or explain to us who are the Feudals.
Dr BERHANU Nega used the term extremely and presented himself as progressive and his opponents as ignorant Feudal s. Other revolutionary figures including Mengistu H/M who has been the agent that sent the country 100 years backwards loved to use the term extensively.

Selam/
Senior Member
Posts: 16844
Joined: 04 Aug 2018, 13:15

Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Selam/ » 15 Jun 2024, 19:33

ኧረ በለው ሆረሱ!

በ1950 የተደረገ ክስተትን መዝዘህ አምጥተህ ፣ ፕሮፌሰር አሸናፊ ከበደን ከስራ ያስባረሩት ፊውዳሎች ዛሬም አልተኙም አልከን? የከርሞ ሰው መሆን ጥሩ ነው፣ ለመሆኑ ማናቸው የዛሬው ፊውዳሎች?

For the record፣ አሸናፊ ከበደ የግራዝማች ከበደ አድነው ልጅ ናቸው። ማለትም እሳቸውም ፊውዳል ነበሩ ማለት ነው። እንደዛ ባይሆንማ ኖሮ፣ ኢትዮጵያኖች ከውጭ ሃገራት ትምህርታቸውን አጠናቀው በሚመለሱበት ወቅት፣ እሳቸው ስራዬ ተወሰደብኝ ብለው አኩርፈው ጓዛቸውን ጠቅልለው ወደ ውጭ አይሰደዱም ነበር።




Horus wrote:
15 Jun 2024, 13:52
አይ ወዲ ወያኔ፣
አሁን ወሬ ብለህ ይህን ትነፋለህ? ሌላው ጂኒየስ ኤርምያስ ጠቅል አመልጋን ባንክና ፋብሪካውን መዝጋት አይደለም እስር ቤት ስንት ግዜ ማቅቋል ። ኢትዮጵያ በፊውዳል ደንቆሮች፣ በሞላጫ ሌላ ለማኝ ወያኔዎች ፣ በዱላ ተሸካሚ እረኛ ብልጽኛዎች መዝረፍ እንጂ መስራት ፣ ማፍረስ እንጂ መፍጠር በማይችሉ እበት ደንቆሮች ኢትዮጵያ ለዘመናት እያከከች አለች!!! አሁን አዲስ ወሬ ያገኘህ መስሎህ ነው ። አይደለም የንግድ ጂኒየሶች አሸናፊ ከደበደን ረቂቅ ሙዚቃ ፈጠረ ብላቹ ካገር አባራችሁ እራሱን እንዲያጠፋ ያደረጋችሁ እበት ኩበቶች !! አዋቂው በረከተ መርገም 'ጥሬው እስኪበስል የበሰለው ያርራል ' ብሏልኮ ! እናንት ጥሬ ሁላ!!!

Horus
Senior Member+
Posts: 39769
Joined: 19 Oct 2013, 19:34

Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Horus » 15 Jun 2024, 19:52

ፈስ ያለበት አይዝለል! ፊውዳሎቹ ምኒልክ ኮሬንቲ ሲያስገባ ሴጣን አመለከ ያሉት የሴጣን ቤት ሰያሚዎች፣ ኤርሚያ አመልጋ ዘመናዊ ባንክ ሲያመጣ 3ኛ ከፍተኛ የጎሩት ፣ ይህ ሃኪም ዶክተር አዲስ የቢዝነስ ሞዴል ሲያመጣ ሞዴሉ ሊገባቸው ስላልቻለ ገንዘቡን የዘጉበት ናቸው ፊውዳሎቹ ! ጋሊሌዎ ጋሊሌም እብድ ሴጣን ተብሎ ነበር ። ሶቅራጥስም ባዳዲስ ሃስብ ወጣት በክለሃል ተብሎ ከርቸሌ ማቅቆ ነበር ። የፊውዳል ፈስ ያለበት መዝለል ይችላል! ስልጣኔ ግን አይቆምም! ከላይ የዘረዘኳቸው ፊውዳሎች ስልጣኔን ያዘገያሉ እንጂ ሊያስቆሙት ከቶም አይችሉም! ፈስ ያለበት አይዝለል! አበቃሁ !

Educator
Member
Posts: 2370
Joined: 03 Jun 2021, 00:14

Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Educator » 15 Jun 2024, 20:10

Just reiterating what we said in the past:
1- Birr amtu sainega -> leba
2- Dr. Fisseha (PB) -> leba
3- Ermias Amelga -> leba

Ermias Amelga declared three years ago that he would bring Alibaba to Ethiopia in six months.
Has he brought it yet? All leba

leba worshippers are either leba or fools.

Horus wrote:
15 Jun 2024, 19:52
ፈስ ያለበት አይዝለል! ፊውዳሎቹ ምኒልክ ኮሬንቲ ሲያስገባ ሴጣን አመለከ ያሉት የሴጣን ቤት ሰያሚዎች፣ ኤርሚያ አመልጋ ዘመናዊ ባንክ ሲያመጣ 3ኛ ከፍተኛ የጎሩት ፣ ይህ ሃኪም ዶክተር አዲስ የቢዝነስ ሞዴል ሲያመጣ ሞዴሉ ሊገባቸው ስላልቻለ ገንዘቡን የዘጉበት ናቸው ፊውዳሎቹ ! ጋሊሌዎ ጋሊሌም እብድ ሴጣን ተብሎ ነበር ። ሶቅራጥስም ባዳዲስ ሃስብ ወጣት በክለሃል ተብሎ ከርቸሌ ማቅቆ ነበር ። የፊውዳል ፈስ ያለበት መዝለል ይችላል! ስልጣኔ ግን አይቆምም! ከላይ የዘረዘኳቸው ፊውዳሎች ስልጣኔን ያዘገያሉ እንጂ ሊያስቆሙት ከቶም አይችሉም! ፈስ ያለበት አይዝለል! አበቃሁ !

Selam/
Senior Member
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Joined: 04 Aug 2018, 13:15

Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Selam/ » 15 Jun 2024, 20:13

እሺ ተራማጁ ሆረስ!
አሁንማ ጭራሹን የኢህአፓን የዛሬ 50 ዓመት ማኒፌስቶ የምታነብ ነው የምትመስለው። ዙሪያ ጥምጥም ከምትሽከረከር ፐርፐዝ ብላክን ያደናቀፉት ፊውዳሎች ማን እንደሆኑ ለምን አታስረዳም?

እኔ እንደምገምተው፣ የምትወደው ዕንፉጩ ዓብይን ላለመውቀስ ስትል ሌላ scapegoat እየፈለክ ነው ያለኸው።

“ኧረ ትንሽ ረጋ እንበልና እናስተውል” የሚሉትን ማዳመጥ ፊውዳልነት ከመሰለህ ተሳስተሃል። ምክንያቱም ተራማጆች ነን ብለው የተንጣጡት ሁሉ ተንጨርጭረው ነው የቀሩት። ከነጮች ሃገር በሌጣው ግልብጥ አድርገው ያመጡት ለውጥ፣ ይኸው ሃገራችንን እስከ አሁን ያስለቅሳል እንጂ ምንም ፍሬ ያለው ለውጥ አላመጣም።

Horus wrote:
15 Jun 2024, 19:52
ፈስ ያለበት አይዝለል! ፊውዳሎቹ ምኒልክ ኮሬንቲ ሲያስገባ ሴጣን አመለከ ያሉት የሴጣን ቤት ሰያሚዎች፣ ኤርሚያ አመልጋ ዘመናዊ ባንክ ሲያመጣ 3ኛ ከፍተኛ የጎሩት ፣ ይህ ሃኪም ዶክተር አዲስ የቢዝነስ ሞዴል ሲያመጣ ሞዴሉ ሊገባቸው ስላልቻለ ገንዘቡን የዘጉበት ናቸው ፊውዳሎቹ ! ጋሊሌዎ ጋሊሌም እብድ ሴጣን ተብሎ ነበር ። ሶቅራጥስም ባዳዲስ ሃስብ ወጣት በክለሃል ተብሎ ከርቸሌ ማቅቆ ነበር ። የፊውዳል ፈስ ያለበት መዝለል ይችላል! ስልጣኔ ግን አይቆምም! ከላይ የዘረዘኳቸው ፊውዳሎች ስልጣኔን ያዘገያሉ እንጂ ሊያስቆሙት ከቶም አይችሉም! ፈስ ያለበት አይዝለል! አበቃሁ !

Wedi
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Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Wedi » 15 Jun 2024, 23:04

Educator wrote:
15 Jun 2024, 20:10
Just reiterating what we said in the past:
1- Birr amtu sainega -> leba
2- Dr. Fisseha (PB) -> leba
3- Ermias Amelga -> leba

Ermias Amelga declared three years ago that he would bring Alibaba to Ethiopia in six months.
Has he brought it yet? All leba

leba worshippers are either leba or fools.

Horus wrote:
15 Jun 2024, 19:52
ፈስ ያለበት አይዝለል! ፊውዳሎቹ ምኒልክ ኮሬንቲ ሲያስገባ ሴጣን አመለከ ያሉት የሴጣን ቤት ሰያሚዎች፣ ኤርሚያ አመልጋ ዘመናዊ ባንክ ሲያመጣ 3ኛ ከፍተኛ የጎሩት ፣ ይህ ሃኪም ዶክተር አዲስ የቢዝነስ ሞዴል ሲያመጣ ሞዴሉ ሊገባቸው ስላልቻለ ገንዘቡን የዘጉበት ናቸው ፊውዳሎቹ ! ጋሊሌዎ ጋሊሌም እብድ ሴጣን ተብሎ ነበር ። ሶቅራጥስም ባዳዲስ ሃስብ ወጣት በክለሃል ተብሎ ከርቸሌ ማቅቆ ነበር ። የፊውዳል ፈስ ያለበት መዝለል ይችላል! ስልጣኔ ግን አይቆምም! ከላይ የዘረዘኳቸው ፊውዳሎች ስልጣኔን ያዘገያሉ እንጂ ሊያስቆሙት ከቶም አይችሉም! ፈስ ያለበት አይዝለል! አበቃሁ !
ተባረክ!! እውነታው ይኸው ነው!! :P :P

Right
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Posts: 4230
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Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Right » 15 Jun 2024, 23:22

ፈስ ያለበት አይዝለል! ፊውዳሎቹ ምኒልክ ኮሬንቲ ሲያስገባ ሴጣን አመለከ ያሉት የሴጣን ቤት ሰያሚዎች፣ ኤርሚያ አመልጋ ዘመናዊ ባንክ ሲያመጣ 3ኛ ከፍተኛ የጎሩት ፣ ይህ ሃኪም ዶክተር አዲስ የቢዝነስ ሞዴል ሲያመጣ ሞዴሉ ሊገባቸው ስላልቻለ ገንዘቡን የዘጉበት ናቸው ፊውዳሎቹ ! ጋሊሌዎ ጋሊሌም እብድ ሴጣን ተብሎ ነበር ።
Who are today’s Feudalistic figures you are trying to scapegoat? And who are the progressives that you intend to praise? Ermias? Really?
There is no need to name call just point them out.
You also attempt to take us aback. OK then lets us visit the past where the Soviet model was copied and pasted without any regards for any consequences. How many have died labeled Feudal for owning 4 oxes or owning one extra rental units of a house built by hardworking? Oh who has been the progressives that deserved the praise for ordering the confiscation and ordered the execution?
Do you really want to go there? And try to paint a good picture of the past as if it was the right example of good and bad.
Where are those progressives who has been barking down down feudalism and down with capitalism living now? If they are alive probably in capitalist America. Ah, they wished communism copied from Russia for the children of Ethiopia but have chosen capitalist America for their own children.

Look, you know who ordered the blockage of bank accounts. Hold them to account. If you have a case then criticize them on merits. You called PB and agents progressives but they called them thieves. They both know each other’s as they have been working together. Please don’t try to drag others “the Feudalistic” in this massive mafia network.

Misraq
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Posts: 16518
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Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Misraq » 15 Jun 2024, 23:53

By the way Fisseha Lebaw initial plan was to scam African Americans and Africans in general by giving it a name called 'purpise black'

The promotion videos he made during the establishment contains the likes.of.Malcolm-x and Martin Luther. When this didn't work, they tried to promote his idea in Africa which didn't work there either.

It worked in Ethiopia because Ethiopians are number one አሽቃባጭ people.

Selam/
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Joined: 04 Aug 2018, 13:15

Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Selam/ » 17 Nov 2025, 15:57

Dr. Fisseha Eshetu’s Claims Under Scrutiny: A Closer Look
June 22, 2024

By Taye Haile

Dr. Fisseha Eshetu, the CEO of Purpose Black, has recently made headlines by claiming that he fled Ethiopia out of fear of arrest by the government. He alleges that government agents threatened him and accused him of supporting the group known as Fano. However, an examination of the facts and Dr. Fisseha’s history reveals a different story, casting doubt on the validity of his claims.

To start with, Fisseha has made numerous attempts to align himself with the Prosperity Party (PP). Over time, he has written multiple letters to the Prime Minister and various ministerial offices, seeking to curry favor. This is evident in his efforts to even mimic the PP party logo for his own company. Such actions suggest that Fisseha was eager to gain preferential treatment from the government. His motivations became clearer when he requested the Prime Minister to act as the guardian of his company. This request was rightly denied, as the Prime Minister’s duty is to serve the entire nation, not to provide personal guardianship over individual enterprises.

Fisseha’s invocation of the term “Fano” raises significant questions about his intentions. Historically, Fisseha has been known to oppose Fano, so his sudden claim of being targeted for supporting them appears dubious. It seems likely that this is a calculated move designed to achieve two main objectives. Firstly, it seeks to mislead the public into believing that his departure from Ethiopia was a result of political persecution rather than business failures. Secondly, it aims to garner sympathy and support from the Ethiopian diaspora by portraying himself as a victim of governmental oppression.

Looking more closely at Fisseha’s business dealings over the years, a different picture emerges. There is substantial evidence to suggest that Fisseha has struggled to meet the contractual obligations he made with his customers. Reports indicate that he has failed to deliver the houses he promised and has mismanaged the funds entrusted to him by his clients. This financial mismanagement has likely left many customers without the homes they paid for, leading to significant financial losses.

Given this context, it becomes plausible that Fisseha is using the Fano narrative as a smokescreen to deflect blame from his own business failures onto the government. By doing so, he hopes to evade accountability for his actions and the financial harm he has caused to his customers.

In conclusion, it is essential for the public to approach Fisseha’s statements with a healthy dose of skepticism. His claims of government persecution appear to be a strategic maneuver to divert attention from his business failings and to shirk responsibility for the financial losses suffered by his customers. The Ethiopian diaspora, his company’s customers, and the Ethiopian government should collaborate to ensure that Fisseha is brought back to Ethiopia through Interpol. It is crucial that he faces legal proceedings to address his alleged misconduct and to ensure that his customers receive the justice and compensation they deserve.

By holding Fisseha accountable, we can ensure that justice is served and that such deceptive practices are not allowed to go unchecked. It is imperative for the integrity of both the business environment and the legal system in Ethiopia that individuals who engage in such fraudulent activities are brought to justice.

Editor’s note : Views in the article do not necessarily reflect the views of borkena.com

https://borkena.com/2024/06/22/ethiopia ... e_vignette

Selam/
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Re: የ Horus ፐርፐዝ ብላክ ኢትዮጵያ ድርጅት የባንክ አካውንቶች በሙሉ በመንግስት ታገዱ!! አይ ፐርፐዝ ብላክ!!

Post by Selam/ » 17 Nov 2025, 16:03

Court Hears Testimony in Purpose Black's Alleged Fraud Case

ADDIS FORTUNE

By AKSAH ITALO
March 2, 2025

Executives of Purpose Black ETH Trading S.C. appeared before the Federal High Court Lideta Criminal Bench, continuing to face criminal charges related to allegations of fraud and corruption. Since February 17th, the prosecution has introduced witnesses to provide testimony in support of their case, scheduled to continue until the first week of March.

The case centers on Purpose Black's marketing and share issuance practices, spearheaded by Fisseha Eshetu (MD). The company marketed a scheme involving the proposed construction of the "KeGeberew Tower," a 115-storey building, and offered a three-bedroom apartment as a purported "gift" to purchasers of company shares. Shares were initially sold at 1.5 million Br, later increasing to 3.5 million Br.

Defendants CEO Ermias Birhanu (PhD), Sophia Negash, Wasihun Wagaw, and the corporate entity, Purpose Black, appeared before the court, with the exception of Fisseha Eshetu (MD).

The prosecution argues that individuals were misled into purchasing shares under the belief they were acquiring ownership of apartments. This dispute forms the basis of the criminal charges.

Presiding Judges Tadesse Admassu, Kidist Getachew, and Abdulkarim Shimbo, have heard testimony from multiple witnesses, including individuals who claim to be victims of the alleged scheme. Over 12 witnesses have provided testimony so far, responding to queries from both the prosecution and defense. Their testimony has focused on their understanding of the real estate venture and their perception of the company's marketing practices.

The prosecution alleges Purpose Black misrepresented the terms of the investment, promising a four-year construction timeline for a real estate project on land near Mexico Roundabout, followed by dividend payments. However, the agreement with BGI Ethiopia for the land transfer was terminated, leaving approximately 1,750 shareholders with unresolved investments.

Witness Mahlet Akalu testified on February 25th, stating she invested in the company based on social media advertisements. Along with her husband, they sold their property in Dire Dewa City Administration for 800,000 Br and moved to the capital, believing they were purchasing an apartment. Mahlet said that she made payments before reviewing the contract, relying on representations made by company agents and the perceived persona of Fisseha.
However, she stated that her confidence diminished after a period of inactivity. She further testified that she was requested to remit payments before being provided with the contract. Driven by a desire for housing and reassured by the perceived number of participants, she complied with the payment request.

Upon subsequently reviewing the contract, she claimed observing provisions relating to both real estate acquisition and share ownership, which caused her confusion. She testified that a company representative characterised the share component as a supplementary benefit. She later concluded that she had been misled into believing she was purchasing real estate, rather than acquiring company shares.

"I was targeted at a time of vulnerability," she said.
The prosecution presented evidence indicating that the agreement between BGI Ethiopia and Purpose Black, where the construction was supposed to take place, collapsed due to payment deficiencies and disputes over capital gains taxes. Witnesses testified that Purpose Black subsequently sought alternative land locations.

Witnesses further testified that they were led to believe they were purchasing apartments, not shares.

BGI Ethiopia planned to relocate from its 30,000 sqm facility in Mexico Roundabout and made a deal with Purpose Black to transfer the property, with the latter intended to acquire the property for five billion Birr. However, BGI cited a "lack of genuine commitment" and cancelled the transaction two months before the court battle began.

BGI executives stated that Purpose Black failed to provide the required payment upfront. Purpose Black, in turn, accused BGI of refusing to pay capital gains taxes.

After learning the deal had collapsed, Mahlet went to the company for answers. Mahlet said her confusion deepened when Purpose Black abandoned its original construction plan and started seeking alternative sites in prime locations to fulfil its commitments to shareholders.

"I was made to believe they were looking for alternatives," she said.

She testified that the final letdown came when Fisseha fled the country, leaving behind an unfinished project and countless unanswered questions. With little hope of recovery, many shareholders gave up. She and others have since demanded refunds but claim they have been denied.
During cross-examination, defendants and judges asked Mahlet whether she had read the contract in full. She admitted she had not, despite her scepticism.

As marketing continued, Purpose Black announced that share prices would rise for latecomers, potentially reaching 55 million Br. Two years later, however, prosecutors argued that the shareholders had been left with nothing. The promised development never materialised.

The executives face accusations of fraudulent marketing, corruption, and misuse of funds.

Adding to the company’s troubles, Purpose Black’s founder, Fisseha, recently left the country, citing threats and pressure. He held an online press conference to defend the company’s credibility.

The court has dismissed charges against the fourth, fifth, sixth, seventh, ninth, and tenth defendants, including Tefera Hailu, Million Seyoum, Naol Dadi, Birhanu Wonde, Seifu Maru, and Tensaye Tesfaye.

Ermias defended himself, claiming that after Fisseha fled, he sided with shareholders to resolve the situation. He asked witnesses to support his claim, but they disagreed. They said they had been wrongly threatened for speaking to the media and that Ermias had done little to help.

Before the executives’ arrest, shareholders had met with them, seeking to sell their shares and recover their investments. A buyout agreement was drafted, and a follow-up meeting was set for August 31, 2024. However, the executives were arrested the day before, and the meeting never occurred.

Another witness, Aweke Hune, 42, a car dealer, testified that he was also a victim of Purpose Black’s real estate scheme. Hoping for a better future, he claimed he sold his house and invested all his savings in the company. Three days after being told the purchase included an additional bonus, he testified, he signed the contract. However, he stated that Purpose Black refused to show him the contract before he made the payment.

Aweke told the court he learned about the offer through social media. He claimed to have read the contract only after committing to the deal. Later, he said to have discovered that the company had not secured the necessary agreements, exposing the fallout between BGI and Purpose Black.

“What we were told on social media and what we were actually presented with were not the same,” he said.
Purpose Black’s lawyers questioned Aweke’s experience with real estate transactions and asked whether he had read the full contract. He admitted signing it without reviewing the details, a point the defence used to challenge his credibility.
Two months ago, defence lawyers petitioned the court to partially unfreeze company funds held in bank accounts unrelated to share or real estate sales. The court released 60 million Br for administrative expenses. Executives also sought approval to appoint asset administrators to manage the funds and oversee company operations. The court initially granted their request.

However, on February 20, prosecutors successfully appealed the decision. The court reinstated the injunction on all company finances and revoked the approval for an asset management team.

https://addisfortune.news/court-hears-t ... fraud-case

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