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Published On: Fri, Feb 13th, 2015

Eritrea’s military shocked by Afwerki bank scandal

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373258-thumbThe swiss branch of HSBC bank hiding billions of dollars for corrupt clients has put a new spotlight on Eritrea. Despite being one of the poorest countries in the world, Eritrea had the highest amount of money hidden for a single client in the bank, according to the HSBC leak.

Many Eritreans are pointing fingers at their corrupt ruling party officials since the poor economy of Eritrea has not produced millionaire businessmen. While Eritrean President Isaias Afwerki is infamous for claiming his salary is only $130 dollars; over $695 million dollars is allegedly stashed in one of his foreign bank accounts, according to the HSBC leak.

According to Diaspora Eritreans with links to the military in Asmara, international reports of around a billion dollar total deposit by Eritrea regime has rattled the capital city. It is the largest illegal HSBC bank deposit in Africa. Some generals are reportedly dissenting the regime as mid-level officials wonder which top generals might also be involved in this scheme.

Many Eritrean activists blame President Afwerki for the shortage of food and electricity in the country. Long lines for bread are common sights even in Eritrean cities. The UN has also put sanctions on the Isaias government due to its financial support for terrorist groups in Africa.

Last week, leaders of Djibouti, Somaliland and Ethiopia condemned the destabilization role of Asmara in the region.

About the Author

- Mohamed Ibrahim Guled is the CEO, owner and chief editor of SomalilandPress

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