Federal prosecutors are preparing to charge Ermias T. Amlega, a troubled businessman behind Access Real Estate, with breach of trust and aggravated fraud, citing provisions 675 and 696 of Ethiopia's Criminal Code.
If found guilty, he may face the risk of serving a jail sentence of up to 15 years, and paying a fine of 50,000 Br.
Ermias is appearing before judges at the Federal First Instance Court in Addis Abeba today, January 22, 2016.
Federal investigators are to lodge letter of submission, appealing for an extension to keep the suspect under custody for further investigation.
He was arrested early last week, after shareholders and homebuyers decried their losses.