Ermias Amelga, the founder and chairman of Access real estate is arrested following the mismanagement of the company since 2013.
He was brought back to Ethiopia after 8 months of negotiation with government to settle issues in the company.
After his arrival few months ago, there has been hopes that the issues will be settled. However, the authorities decided to arrested him for un known reason.
Ever since he came back from the United States in the mid-1990s, he has been selling his new initiatives. He took over an edible oil mill from the state and turned it into the first water bottling plant; established the first private equity i.e Access Capital Services S.C. He also promoted and became board chairman of Zemen Bank, a commercial bank initially operating with a one-branch concept, relying on much technology, but currently operating with additional branches. His later growth was the establishment of ARE.
ARE was originally formed by five shareholders, with a 50,000 Br registered capital namely, Ermias, its CEO and chairman of the board, Access Capital, Haileleul Tamiru, partner of Deloitte, a global consulting firm, Tekle Alemneh, a person who was with Ermias in forming Zemen, and Amsalle Bayu, his lawyer. Later on, the number of shareholders increased to 652 and its capital grew to 41.6 million Br. Of this, 34 million Br is paid-up.
