One for the unusual, labyrinthine investment files.
Two years after they co-founded Land and Sea Development Ethiopia Ltd in Washington DC., the three partners – Michael Kassa Gebru, Jay Nijjer and Dr. Bruce Fischer – in December 2006 made contacts with the RAB Capital Hedge Fund Group, through another incubation company, Ten 3, which agreed to facilitate a loan for the establishment of a bamboo factory in Assosa, in the Benishangul Gumuz Regional State, Michael Kassa Gebru told The Reporter.
“According to the arrangement, a partner company – Land and Sea Development Ltd – was established in Isle of Man. Land and Sea Development Ethiopia Ltd then transferred 45 percent of its share to Land and Sea Development Ltd for 10,000,000 dollars, 10 percent to Ten3, and retained 45 percent of the shares,” says Michael.
From, the Ethiopian Review. The story only gets more intriguing.
One really has to ask though: a Bamboo factory?