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[Jan 2018] Gemshu Beyene Construction (GEBECON) Plc Latest Ethiopian News | Ethiopian Business Directory & Portal - Addis Biz

Court freezes assets of major construction companies in a continued corruption case

Corruption crackdown continues as the number of suspects who are placed under custody reaches 55 as of yesterday. Moreover, an asset freeze order was issued against 210 individuals and 15 companies who are suspected of having dealings with the officials, individuals and brokers who are arrested for corruption charges.

The court has issued an asset freeze order on Gemeshu Beyene Construction Plc and Ellily Hotel, both owned by a notable businessman- Gemeshu Beyene.

Construction companies including, ASER Construction Plc.,

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Ayat S.C Loses Appeal, 1,296 SQM Area of land to be Repossessed

Ayat S.C, whose major shareholder is in prison, lost a Supreme Court appeal over land snatched from the company and given to co-owner of Elilly Hotel’s, Gemshu Beyene.

Ayat had sued Gemshu and the Kirkos District for taking over the land it had previously leased. The District had taken over the leased land and given it to Gemshu, reasoning that Ayat did not undertake construction, as originally agreed. But Ayat claims that it had invested around three million Birr for underground digging. The land, which covers 1,696sqm, is located

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