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President Commutes Death Sentences of Dergue Officials

Dec 19 , 2020

President Sahle-worq Zewde has approved a motion to commute the death sentences of two former Dergueofficials to life imprisonment. The Office of the Attorney-General tabled the motion, and the President approved it on December 11, 2020. Berhanu Bayeh (Col.) and Addis Tedla (Lt. Gen.) have been sheltered inside the Italian Embassy since the EPRDF took control of Addis Abeba in 1991. Former acting Prime Minister Hailu Yimenu and the Military Commander in Eritrea, Tesfaye Gebrekidan, were also part of the group that took refuge in the Embassy but have since passed away. The officials were sentenced to death in absentia for their alleged role in killings committed during the Dergue regime. Despite persistent requests from the EPRDF government, Italian authorities refused to hand over the officials due to the EU's policy against capital punishment. The commutation may allow the officials to be released on parole.

Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...

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Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...

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Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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