Prominent businessman, Ermias Amelga Leaves Prison (UPDATE)
By Wudineh Zenebe
(Reporter) – West-educated-investment-banker-turned-prominent-businessman, Ermias Amelga, was arrested by police on Thursday and spent a night behind bars, sources disclosed.
According to The Reporter’s sources, the business icon was released yesterday after spending the night in the Kirkos Sub-city Police Department formerly known as the Sixth Police Station opposite Radisson Blu Hotel in the locality commonly known as Casainches. Ermias was released on bond the next day pending investigation after he was accused of writing a bad cheque.
The alleged cheque, which was for 600 thousand birr, was issued without a sufficient fund, sources revealed. According to a lawyer that The Reporter approached, if police find enough incriminate evidence to indict Ermias, the case will be referred to prosecution that in turn might (if there is adequate ground) institute a criminal charge.
Ermias is one of the prominent diaspora returnees to Ethiopia who has made a name for himself among the local business community for his pioneering initiatives.
Since his return in 1996 after 8 years of undergraduate and graduate academic training and a 12-year successful stint in investment banking in the US, he has been a leading member of the initiative to establish the Addis Ababa Stock Exchange and is also best known for launching the pioneer bottled water company, Apex Bottling, producer of Highland Springs which at the moment is synonymous with bottled water.
Since 2006, Ermias has focused on the services sector and has established Access Capital Service SC, Zemen Bank SC, Access Real Estate SC, Access Resorts SC and Access Leasing SC (under formation).
Ethiopian real estate developer Ermias Amelga under Police Custody
(Addis Fortune) February 15,2013 – The real estate mogul Ermias T. Amelga is under police custody beginning on Thursday night, February 14, 2013, and under investigation for allegedly issuing a bad check to a house buyer who claimed a refund for his investment but failed to cash it, police sources disclosed to Fortune. Nonetheless, he might be released today from Kirkos District Police Station (the former 6th Police Station), in Kasanchis area, after securing bond, his close associates confirmed to Fortune.