Commission Seizes 17.5m Br Worth of Contraband

May 9 , 2020


The Ethiopian Customs Commission and the Federal Food & Drug Administration has seized contraband that was stored in six warehouses in the eastern part of the country. In Harar and Dire Dawa, 17.5 million Br worth of goods including medicine, electronics, food products, and oils were confiscated, according to Derebe Kabeta , Customs Commission commissioner. One individual was killed and three others injured in clashes between the criminals and security forces, according to him. The Commissioner said that the smugglers and their accomplices have been arrested, despite the fact that they tried to free up the materials that were confiscated using firearms. Heran Gerba, director-general of the Federal Food & Drug Administration said that the action was carried out after three months of surveillance. An estimated 12 million Br has been seized in Dire Dawa and 5.5 million Br in Harar. The country seized 120 million Br worth of contraband goods during the last month.


Radar

Ethiopian Airlines Fined $425,000 for Non-compliance

The United States Department of Transportation (DOT) has imposed significant fines on Ethiopian Airlines and Etihad Airways, totaling 425,000 dollars and 400,000 dollars, respectively. Ethiopian Airlines operated flights under United Airlines' code, while Etihad Airways used JetBlue's code in regions where U.S. flights were prohibited. An investigation by the Department's Office of Aviation Consumer Protection (OACP) uncovered that from February 2020 to December 2022, Ethiopian Airlines conduct...


Radar

Enat Holds Steady as Revenue, Expense Soar

Enat Bank held its 11th Annual General Meeting of Shareholders last week at the Millennium Hall on Africa Avenue, where it announced a profit after tax of 555.2 million Br, exhibiting an incremental 2pc growth from the previous year. The Bank registered stronger growth with a 29pc increase in revenue, reaching 4.3 billion Br. The bank's focus on strategic branch expansion and enhancements to digital banking resulted in a 18.4pc deposit growth, bringing total deposits to 21 billion Br. Preside...


Radar

Addis Surges, Minimum Threshold Out of Reach

Addis International Bank reported an 85pc growth in net profit to come in at 413.87 million Br. The bank's total assets as of the 2023/2024 fiscal year were 15.4 billion Br, representing a 22.2pc rise of 2.8 billion Br over the previous year. The Bank also posted a substantial 13.8pc rise in paid-up capital from the previous year to sit at 2.1 billion Br. It was noted at the general assembly that “the Bank is far away to reach the required minimum capital after two years.” Addis Internation...