Italian Bank’s Secret Deals with Eritrean Elite Exposed

A Web of Corruption Uncovered

A recent investigation has revealed that a prominent Italian bank, Banco di Roma, had been secretly collaborating with the Eritrean elite to bypass international regulations and secure lucrative business deals. The shocking revelation has sent shockwaves through the international business community, highlighting the need for greater transparency and accountability in global finance.

A History of Influence

According to sources, the bank’s executives were determined to maintain their influence in Eritrea, despite the dissolution of the federation between Ethiopia and Eritrea in 1962. The Italian government intervened on behalf of the bank, ensuring that it was exempt from adapting to new banking laws and maintaining its control over Eritrean subsidiaries.

Backroom Deals and Corruption

The investigation has uncovered a web of corruption and backroom deals between Banco di Roma and top officials in the Eritrean government. The bank allegedly made large sums of money available to the Crown and local associates, disguising these payments as commercial loans.

• This arrangement created an exception that suspended ordinary law for the benefit of the Italian bank, allowing it to operate outside the formal hierarchy governed by the National Bank of Ethiopia.
• In return, the bank received informal payments, similar to traditional tribute paid by other semi-independent enclaves across the country.

Nepotism and Corruption in the Eritrean Government

The investigation has raised questions about the extent of corruption and nepotism within the Eritrean government during this period. It is clear that the Italian bank was determined to maintain its influence in the region at any cost, even if it meant operating outside the law.

Consequences for Global Finance

This expose has sent shockwaves through the international business community, highlighting the need for greater transparency and accountability in global finance. The revelation serves as a reminder of the importance of strict regulations and oversight to prevent similar cases of corruption and exploitation in the future.