FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

Abnet Gebremeskel, a long-time confidant-turn-adversary of Mohammed Ali Al-Amoudi (Sheihk), has been arrested by the federal police in a move that seems part of a broader probe into his investment activities. People familiar with the case disclosed he was arrested on Thursday, October 5, 2023, from his home on General Wingate St., in the Piazza area. He was taken to the Federal Crime Investigation Bureau, near Mexico Square, where he remains under custody, these sources disclosed.


MIDROC-Ethiopia, a conglomerate with diversified portfolios spanning several sectors, had seen Abnet at its helm until his removal two years ago. His post-MIDROC period has been foregrounded by a series of legal wranglings with his benefactor, the Saudi billionaire, Al-Amoudi. The genesis of their legal battle goes back to a property on Africa Avenue (Bole Road) and an oil company. Abnet had filed a lawsuit against Al-Amoudi, claiming a staggering 640 million Br over what he alleged as the under-capitalisation of his 40pc shareholding in Bole Towers Plc. In a countermove that seemed to epitomise their deteriorating relationship, Al-Amoudi’s lawyers had initiated another lawsuit claiming dividend distributions from the National Oil Company (Ethiopia). Abnet holds a minority stake in this company, alongside Tadesse Tilahun, the founding CEO.


People familiar with the situation have disclosed that Abnet, an American citizen, has faced restrictions on international travel, hinting at the gravity of the ongoing probe by federal investigators. However, in this highly charged atmosphere, Abnet's lawyers and families remain silent, despite Fortune’s repeated attempts to solicit statements. No official statement has been given on his arrest, leaving many in the business community and the broader public speculating about the nature and implications of the investigation.



PUBLISHED ON Oct 07,2023 [ VOL 24 , NO 1223]

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.



Related Posts

Put your comments here

N.B: A submit button will appear once you fill out all the required fields.

Editors' Pick

Agenda

Realty Roulette

Feb 24 , 2024 . By MUNIR SHEMSU

Abel Yeshitila, a real estate developer with a 12-year track record, finds himself unable to sell homes in his latest venture. Despite slash...

Fortune News

A Tooth Extraction for Growth, with the IMF as Dentist

Feb 10 , 2024 . By MUNIR SHEMSU

In his last week's address to Parliament, Prime Minister Abiy Ahmed (PhD) painted a picture of an economy...

Editorial

Is Ethiopia Drifting into a Diplomatic Abyss?

Jan 7 , 2024

In the realm of international finance and diplomacy, few cities hold the distinction that Addis Abeba doe...

Agenda

PEELING BACK LAYERS

Sep 30 , 2023 . By AKSAH ITALO

On a chilly morning outside Ke'Geberew Market, Yeshi Chane, a 35-year-old mother cradling her seven-month-old baby, stands amidst the throng...

Commentaries

Soaring Hidden Costs Shine Behind Solar, Wind Power

The cost analysis of solar and wind energy often omits a critical factor: reliability...

The Civil Service "Do More With Less" Dilemma

As governments strive to meet the complex demands of the 21st century, adopting innov...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

Tax Authorities' Sisyphean Saga of Shrinking Revenue, Gov't Soaring Ambitions

May 2 , 2024

For successive generations of Ethiopia's tax authorities, the chore of tax collection...

Prosperity Party Tries Economic Tightrope Walking Without a Net

Apr 27 , 2024

The Prosperity Party (PP) - Prosperitians - is charting a course through treacherous...

Governor Mamo Tests Transparency. Will It Pass a Test of Time?

Apr 20 , 2024

In a departure from its traditionally opaque practices, the National Bank of Ethiopia...

Policy Espresso Demands a Strong Brew to Transform Negative Dynamic

Apr 13 , 2024

In the hushed corridors of the legislative house on Lorenzo Te'azaz Road (Arat Kilo)...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

Betting on Virtual Solutions for Real Impact

Since graduating from law school, I have attended countless women's conferences and w...

Hunger's Grip on Mothers, Children of Addis Abeba

I witnessed a scene that left me heartbroken at the health centre. Several mothers w...

Life Matters

Just Browsing, Thanks!

While strolling down the supermarket aisles, I found myself torn between sticking to my shopping list and being tempted by items that were n...

Offsetting Recognition vs. Anonymity

Engrossed in thought, I was abruptly pulled back to reality by a booming male voice. The raw passion in h...

Back
WhatsApp
Telegram
Email