Wednesday, June 08, 2016

Ethiopia’s Electric Utility Sold Unregistered Bonds in U.S.

(June 8, 2016,  (Washington D.C))--The Securities and Exchange Commission today announced that Ethiopia’s electric utility has agreed to pay nearly $6.5 million to settle charges that it violated U.S. securities laws by failing to register bonds it offered and sold to U.S residents of Ethiopian descent.

According to the SEC’s order instituting a settled administrative proceeding:

•Ethiopian Electric Power (EEP) conducted the unregistered bond offering to help finance the construction of a hydroelectric dam on the Abay River in Ethiopia.

•EEP held a series of public road shows in major cities across the U.S. and marketed the bonds on the website of the U.S. Embassy of Ethiopia as well as through radio and television advertising aimed at Ethiopians living in the U.S.

•EEP raised approximately $5.8 million from more than 3,100 U.S. residents from 2011 to 2014 without ever registering the bond offering with the SEC. Read more from US Exchange Commission »

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