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[Dec 2017] Ermias Amelga Latest Ethiopian News | 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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Access Capital Bursts Back on the Scene, Keeps Ermias as a Chairman

Ermias Amelga Latest News Access Real EstateAfter three years of silence, the contentious Access Capital Services S.C. has voted for the embattled Ermias Amelga to continue as a board chairman of the company. The move comes a year and a half after the Board of Directors of Access Real Estate had removed him from the same position.

Access Capital Services has also installed new faces in

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Access Real Estate, Laura Industries at Loggerheads Again

access realestateThe troubled Access Real Estate (ARE), for the first time in years has got good news from the Supreme Court. The Court has overridden the High court’s decision that had granted Laura Trade and Industries the 65pc of the completed three four storey buildings at the Nyala Motors site.

It was a year ago that the High Court decided to terminate the real estate

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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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Ermias’ Failures Leads to Snatching of Shares of Michot Real Estate

Ermias Amelga Back to EthiopiaMichot Real Estate, one of the companies founded and run by Ermias T. Amelga, has lost 30,000 shares worth 30 million birr to Aman Berki, the general manager of Tulu Dimtu Real Estate.

The shares were transferred to Aman Berki through a court order after they were floated for auction over the past three months.

There were no interested

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Ermias Amelga breaks his silence with apology

Ermias Amelga Access Real Estate Ethiopia 2016After two years in exile and a month since his release on bail from custody, Ermias T.Amelga has broken his silence. He apologised to homebuyers, taking full responsibility for the mishaps at Access Real Estate (ARE).

“I may have many excuses, good or bad, and many unexpected events may have contributed,

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Ermias Amelga Freed on Bail

Ermias Amelga Access Real Estate Ethiopia 2016Ermias T Amelga is finally free, after a series of appeals against his release and a third new case being opened once all these had been rejected.

He joined his family and friends yesterday, May 16, 2016 – eleven days after the Second Criminal Bench of the High Court closed the third case.

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Jail time extended for Ermias T. Amelga

Ermias Amelga Latest News Access Real EstateHigh Court overrules First Instance Court’s decision to release Ermias on bail
Ermias T Amelga, founder, first CEO and former board chairman of Access Real Estate’s (ARE) will remain under custody, after the High Court overruled the First Instance Court’s decision that he be released on bail. 
On Friday March

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Ermias Amelga Granted Bail for 500,000 Birr

Ermias Amelga Access Real Estate Ethiopia 2016Ermias T. Amelga, founder and former CEO of Access Real Estate S.C., has been granted release from police custody today, against a half a million Birr bond. After 70 days in police custody pending probe on alleged breach of “trust and aggravated fraud”, a Judge at the Federal First Instance Court ruled the suspect should

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Prosecutors to Charge Ermias Amelga for Deceit, Fraud

Ermias Amelga Of Access Real Estate ArrestedFederal prosecutors are preparing to charge Ermias 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

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