The police arrested the executives of Purpose Black ETH Trading Joint Stock Company today on allegations of abuse of power and serious fraud. Shareholders filed a complaint claiming the company defrauded them, prompting the Addis Ababa Police Commission to act against the executives.
Community members reported the organization solicited funds from the public through ads and leaflets. Purpose Black ETH Company promoted selling a three-bedroom apartment for 1.5 million ETB on unacquired land in central Mexico.
The Ministry of Justice confirmed the arrest of executives on suspicion of corruption.
Purpose Black ETH Trading Joint Stock Company, or PurposeBlack, launched in May 2020. Over 130 Black experts founded the company to tackle economic challenges faced by Black communities worldwide. Based in Addis Ababa, Ethiopia, PurposeBlack promotes economic empowerment and development. The organization creates solutions to address important issues affecting Black people globally.
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