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[Oct 2017] Zemen Bank Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

Zemen Bank to award 10 mil birr to Ermias Amelga by court ruling

Justices at the appellate court of the highest instance have dismissed an appeal by Zemen Bank to overrule a Supreme Court award of over 10 million Br to Ermias Amelga and Tekle Almeneh, founding shareholders of the Bank.

The Cassation’s ruling concludes the judicial litigation once and for all which was taken to the Federal High Court   on December 20, 2012. The case was started on February 07, 2012, when the two founders demanded the Bank to give them its 10pc of profit from the previous two years, along with a

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Zemen Bank Laying Foundations for 1.23 Billion Br headquarters

zemen bank headquarters hq addis ababaZemen Bank have inked a deal with a foreign construction company to erect its headquarters at the heart of Ethiopia’s financial district, along Ras Abebe Aregay Street, at a cost of 1.23 billion Br.

The signing was held at the Radisson Blu Hotel on August 19, 2016, by Tsegaye Tetmke, president of Zemen, and Cai Hailong,

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NBE Bans Two Zemen Bank Vice Presidents

Zemen Bank Headquarters Kazanchis Office Zemen Bank has lost two of its top-executive mangers, Helaway Tadesse and Sebhat Belayneh, senior vice president and vice-president for international banking  respectively, based on the allegation that they have involved in loan approval process, in which they are believed to have a close relationship with the borrowing company.

The letter

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Holland Car appeals for second chance

Shareholders of the pioneer automobiles assembler in Ethiopia,  Holland Car Plc. (HC),  have submitted a proposal to  an appointed liquidity supervision commission requesting a second chance for the assembler to resume its operation.


The commission that was established under court order to supervise and liquidate the assets of the bankrupt assembler, has received a seven pages proposal on Monday March 16 that detailed measures for a possible recovery.
The two shareholders of Holland Car Plc., Trento BV and

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Court Rejects Zemen Bank’s Request to Foreclose on Holland Car Properties

Zemen Bank Headquarters Kazanchis Office Cassation bench of the Federal Supreme Court has reversed the Federal High Court’s decision for the sale of the bankrupt company, Holland Car’s factory and its machinery to enable Zemen Bank recover its loans worth around 34 million Br on February 23, 2015.

The case was initiated when Zemen Bank asked the First Instance Court to lift the suspension

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Ermias T. Amelga Back in Ethiopia

Ermias-Amelga-Back-to-EthiopiaErmias T. Amelga is expected to start implementing his plans to resolve the snags of Access Real Estate (ARE) S.C starting tomorrow February 23, 2015, after the committee set up by the government succeeded in having him back to Ethiopia after an eight-month negotiation, on Thursday February 19, 2015.

Ever since he came back from the United

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Court Rules in Favour of Zemen Bank Over Warehouse Dispute

Zemen Bank Headquarters Kazanchis Office Abyssinia Bank loses in court to Zemen Bank on February 1, 2015, over a warehouse belonging to a creditor owing both banks millions in unpaid debt.

The origin of the dispute between the two banks was over a warehouse pledged for a payment of debt by Elmu plc, a company that borrowed 12 million Br and 40.7 million Br, respectively, from Zemen and

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