Court Blocks BGI Ethiopia's Assets Trying High Stake Lawsuits

Jun 11 , 2024


Judges at the Federal First Instance Court issued an injunction last week, halting the sale of BGI Ethiopia’s headquarters and the transfer of shares in Brasseries International Holding Limited (B.I.H). The injunction, signed by Judge Girawork Yitbarek, ruled immediate delivery to the defendants. The legal action followed a high-stakes lawsuit filed by Zewudnesh G. Asrat, an 80-year-old woman, against BGI Ethiopia, Jean P. Blavierre, B.I.H, and Hebu Properties Limited. The plaintiff claims a 27pc ownership stake was unlawfully seized and demands the restoration of her shares, reinstatement of her role, and compensation for unpaid dividends. In February 1999, B.I.H acquired the entire stake in BGI Ethiopia Plc, with the transfer of shares legally approved and registered. Zewudnesh’s affidavit details that B.I.H held 22,394 shares (73pc), while she held 8,283 shares (27pc). Following B.I.H's capital investments, the share par value increased tenfold, from 100 Br to 1,000 Br. The 30,000Sqm property owned by BGI Ethiopia near the Mexico roundabout had previously been under an injunction by Purpose Black Ethiopia until recently. Due to a decision by the city administration to relocate major industries from the city centre and unmet water supply needs, BGI Ethiopia's executives decided nearly a year ago to relocate the plant and began seeking potential buyers for the site. Purpose Black initially showed interest, but the deal eventually fell through and settled only a few weeks ago. BGI Ethiopia's management was preparing to seek another buyer before the court injunction was issued.


Radar

Parliament Reviews Bill Allowing Foreign Property Ownership

A draft proclamation that would allow foreigners to own or occupy immovable property in Ethiopia has been submitted to parliament by the Council of Ministers. Designed to attract foreign investment, the draft law plans to ensure that Ethiopian citizens retain their right to land ownership and use. According to a statement from the Prime Minister's Office, the draft was among six agenda items discussed and approved during the Council's regular session held on May 2, 2025. The proclamation is e...


Radar

Speeding in the Spotlight as New Safety Drive Begins

The Road Safety and Insurance Fund Service has stated that drivers are responsible for 68 percent of traffic accidents in Ethiopia, with the remainder mainly caused by pedestrians and road conditions. On this topic, the service launched a one-month mass media campaign on last week focused on raising awareness about speeding, the leading cause of traffic accidents. The campaign, under the motto "Slow Down, Speeding Ruins Lives," plans to shed light on the dangers of speeding. Yohannes Lemma, E...


Radar

Askari Metals Secures Five Gold Licenses in Untapped Adola Belt

Askari Metals has acquired 100pc of Rift Valley Metals, gaining five gold exploration licences covering 460sqkm in Ethiopia's Adola Greenstone Belt, part of the southern Arabian-Nubian Shield, a mineral-rich but underexplored region. "The exploration areas—Sakaro, Sakaro West, Lega Dembi South, Megado, and Wayu Boda—lie near Ethiopia's top gold mines, including Lega Dembi and Sakaro, which have produced over three million ounces of gold. The area is known for orogenic gold systems hosted...