Attorney General Dismisses Tax Fraud Cases

Apr 13 , 2019


The Office of the Attorney General dropped 1,077 cases of tax fraud. The Addis Abeba City Mayor’s Office had called upon the Attorney General to drop the cases. Deputy Mayor Takele Uma filed the request at the end of last January following a petition signed by businesses in the capital and submitted at the Addis Abeba Revenues Authority last December.  The deputy mayor requested the dismissal of 1,640 cases. After reviewing the cases, the Attorney General decided to drop most of the cases that were under police investigation and pending at the courts. The Attorney General’s Office cited the value of the money involved in these cases, the economic and tax reform taking place in the country and the financial status of the accused as the basis for its decision. “The benefit from letting these businesses learn from their mistakes and get back to being productive outweighs the damage they would cause to the government and the public,” reads the letter from the AG to the Mayor’s Office.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email