Homebuyers swindled by Diaspora firm


The Italian-Ethiopian real-estate company O-LOGO PLC has failed to get homes to buyers some of whom have waited 17 years.
According to the buyers, who bought the he homes that are located in Kassanches, behind the compound of the United Nations Economic Commission for Africa (UNECA), the apartment lacks basic infrastructure and finishing work. However, the buyers have paid the complete price of the home to O-LOGO.
According to the homebuyers, the owner of O-LOGO has also gave the title deed of the apartment building as collateral.
The buyers are now successfully blocked a foreclosure made by NIB Insurance after O–LOGO failed to fulfill an agreement made with NIB.
The buyers said that the company promised to deliver the houses in one year and six months but that never occurred.
One of the buyers who asked for anonymity said “We love our country so we invested our money in the houses to live and work here and serve our country but the company has stolen our money and is blocking our vision to come here and live in the homes we paid for.”
“We fear the owner of the company may leave the country one day and sell the houses to another party but we have invested our money and we plead for assistance,” the owners pledged.
Some 16 home buyers are also preparing a lawsuit against the company and its owner, Leonardo Sibona and are asking for the government’s help.
Leonardo Sibona is an Italian – Ethiopian man who established the company in 2003.