FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds



Former Shipping Executive Walks Free

Alemu Ambaye, deputy chief executive officer of the Ethiopian Shipping & Logistics Enterprise.


Former Shipping Executive Walks Free

Judges at the Federal High Court acquitted Alemu Ambaye, deputy chief executive officer of the Ethiopian Shipping & Logistics Enterprise, who was charged with corruption. Alemu was arrested in June 2017 suspected of causing 65 million Br in losses in the procurement of containers. The court has let him walk free as he adequately defended the charges against him. The 15th Criminal Court of the Federal High Court, Lideta Division acquitted Alemu and dropped the charges against him on January 29, 2019. Alemu, who was in charge of the government’s largest shipping service enterprise, was arrested along with three other deputy chief officers at the Enterprise and another 120 government executives in different public offices. His case has been pending for the past year and a half before his acquittal and release last week.

[ssba-buttons]

Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...