Ethiopia To Refund $6.5M It Raised In A Diaspora Bond In The U.S.

Ethiopia has agreed to refund $6.5 million Dollars to investors in the U.S. after it illegally sold an unregistered Diaspora bond to American residents mostly of Ethiopian descent to finance the Grand Ethiopian Renaissance Dam, Bloomberg reported.

The United States Securities and Exchange Commission (SEC) said in June 8 that the Ethiopian Electric Power Corporation (EEPC) incorrectly sold the bond, which raised about $5.8 million from more than 3,100 people between 2011 and 2014.

The state-owned utility will pay $5,847,804 in disgorgement and $601,050.87 in prejudgment interest, according to an SEC administrative order.