The Ethiopian Capital Market Authority (ECMA) has initiated a formal investigation into alleged illegal fundraising activities involving well-known entrepreneur Ato Ermias Amelga and a company identified as Genesis Investment Services.
In an official statement released this week, the Authority revealed that it has received multiple complaints regarding unauthorized public fundraising through the sale of securities. The probe targets various individuals and organizations suspected of operating without proper licenses and bypassing regulatory oversight.
Specifically, the Authority confirmed that both Ermias Amelga and Genesis Investment Services are subjects of the investigation. ECMA emphasized that all inquiries will be conducted in accordance with constitutional safeguards, including the right to a fair hearing and legal defense.
The Authority urged the public to remain vigilant when engaging in capital market activities, particularly when investing in or establishing commercial entities. Citizens are strongly advised to verify business registration documents with the appropriate government offices and consult only with investment advisors licensed by the Authority before committing any funds.
Additionally, ECMA called on the public to report any unlicensed individuals or entities offering capital market services. The Authority affirmed its commitment to enforcing regulations and taking action against all forms of illegal fundraising activities.
