The other day I read some smart alex commentary on AIG

Reporter and Al Amoudi: Obsession gone haywire!

Zeru Hagos 03/26/09

The other day I read a commentary posted on the web by one smart-alecky on AIG. AIG is a huge, really huge, corporation in the US. It is so big the US government is fetching billions of dollars to save the corporation from collapse due to the current financial meltdown. AIG touches almost every country in the world in some fashion. Its failure is believed to cause a sever damage to the world economy and undermine the free market philosophy. The crude joke I read was about Aigaforum.com being the AIG of Ethiopia. Crude joke aside, today I read the Reporter latest “Kubur Minister” series and I thought I share my thoughts with you, my esteemed readers, on the obsession of the Reporter with Al Amoudi and also “AIG politics” in Ethiopia.

If there is any institution in Ethiopia that mirrors that of AIG status in the world and definitely in the US it has to be Sheik Al Amoudi investment holdings in Ethiopia. The Sheik has all kind of investment arms in Ethiopia. These investments may not be all money makers but they sure have been a source of employment. Most of Al Amoudi’s investments in Ethiopia are done out of necessity and out of love to the mother country. According to his [Al Amoudi] recent interview he hopes these companies will act as a catalyst to spear head a vibrant economy down the road. In a nut shell Al Amoudi is quite comfortable to lose money in these investments so long these institutions are plugging the needs of Ethiopia’s fledgling economy. And they are!

However reading the “Kubur Minister” series of the Reporter, I am some what confused and dumfounded what the Reporter is trying to achieve. The Reporter should know, in the current tough times, seen all over the world, let alone Al Amoudi, even AIG is in trouble. Although, there is nothing to indicate Al Amoudi’s investments in Ethiopia are in dire trouble for argument sake let us assume some are.

Let us assume also the investigative men and women of the Reporter have done their homework in exposing the allegations and that the reason the Reporter is so much interested in the Sheik’s investment is out of sincere worry that the failure of Al Amoudi investment will be catastrophic to Ethiopia’s economy. (Hode siyawuq dero mata!) But…

Why is Reporter using a sarcastic column to inform the public of such magnitude? Why is the Reporter, with its “infinite wisdom”, not telling the government to do all it can to make Al Amoudi investment succeed much like the US is doing with AIG? Amare being a good student of the western world (student or hired agent we will check later) should be reading how the US treasury is saving AIG and the British government is saving British banks! So why is the Reporter using its new found fame to tarnish one of the kind investor in Ethiopia instead of saving him?

I have heard many rumors about Ato Amare Aregawi, owner and editor of the Reporter, but rumors aside how on earth is Amare not seeing what he is doing is not sane, good for the country and good for him? Al Amoudi may have a soft heart when it comes to his lieutenants and managers who are causing him shame and embarrassment by failing to manage his investments here and there but what do you make with Amare obsession with Al Amoudi? What does it matter to him if Forbes say Al Amoudi is 43^rd richest or 43^rd poorest? What does it matter if Al Amoudi holds farm lands here and there and city lands here and there? Did Al Amoudi cause shortage of farm land for other investors by holding idle farm lands? Did he cause shortage of city lots for other investors by holding idle city lots? If so wouldn’t it be easy for the Reporter to point such facts with supporting evidence instead of telling us what any street person can tell us? At least that is what I feel the Reporter is telling me in its “kubur minister” series every week. “Hamet and alubaleta!”

The editor may be thinking he is doing the country a favor by exposing Al Amoudi weakness but he is not! God forbid, if Al Amoudi says I have it enough and quits Ethiopia what will happen to the many thousands of employees? Who would be stepping in his foot to take over these days? Does Amare have an answer? I think not! And here is why: Amare is obsessed with Addis innuendos and have no clue what Al Amoudi is doing far away from Addis. If Amare can visit regions out of Addis and on his own, he could realize how shallow he has become these days. To be honest I am not sure if Al Amoudi or Amare have visited Mekelle more since Amare left Dedebit or Hager Selam.

Rumors are plenty about what drives the Reporter to be obsessed with Al Amoudi. I said earlier it is not my intention to spread rumors but the popular ones are that he[Amare] has fallen out with his Sheraton buddies and that he could be a paid agent. I pray to God, Amare after all the trouble he has gone through the years is not selling Ethiopia short to please foreign agents. Enough said about selling short Al Amoudi to satisfy a foreign interest that is trying to undermine the Ethiopian government. But, what about the falling out with his buddies at Sheraton? It makes sense to me and for the sake of the country and Al Amoudi; I think both the government and Al Amoudi needs to take measures.

The government should review all Al Amoudi investments and bank dealings to see if there are any dealings between the State and Al Amoudi that do not make sense at all and are potentially wrong doings? We know Addis is capable producing all kind of crooks. We have seen dare devils who try to pass Iron for Gold! And it would not surprise me if some of the Lieutenants of Al Amoudi were involved in “Ayer by Ayer “or in rich man’s term Ponzi scheme dealings! Some how the public need to have a convincing answer why the Sheik’s investment when it comes to land development be it in the City and country is much to be desired for.

Al Amoudi needs to take the bad perception about his investment seriously and do a through review of his investment in Ethiopia. Which companies are doing well and which ones are not? Which of his officers are doing what they are hired to do and which ones are not. How did many of his officers became millionaires? How much do they get paid and what investment they have justifies their income and life style?

Both Al Amoudi and the Reporter are products of the woyanay revolution. Reporter would not be where it is today had it not be for the unparallel sacrifice made by the EPRDF. Al Amoudi will not have become the Ethiopian icon he has become without the EPRDF government unconditional support. It would be a mistake to squander such opportunity and allow the two institutions to kill each other.