High Court orders Abay Bank to pay 306mln Birr to Ethiopian Roads Administration

A year-long court saga between the Ethiopian Roads Administration and Abay Bank S.C. ended with the judges at the Federal High Court ordering the bank to pay 306 million birr.

The bank became liable for two advance payment guarantees it gave to the Roads Admin for road construction projects that the Administration (then Authority) and Tekle Berhan Ambaye Construction Plc signed in 2017.

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Date: Apr 19, 2023
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