Feb 15 , 2020
The Federal High Court ordered Ayka Addis Textile Investment Plc to pay six million Birr of debt it owes to Amibara Agricultural Development Plc. The Court ordered the company to pay the value for cotton transactions the duo made between 2009 and 2016. Though the Court has summoned Ayka to present its defence, representatives of the company did not show up. Amibara Business Development Plc, a company that is engaged in the agricultural development business, had been supplying cotton to Ayka Addis for around eight years. Ayka, which has been declaring losses since 2013, is also unable to service 2.9 billion Br of debt from the Development Bank of Ethiopia (DBE), which repossessed it last year. DBE's Ethio Capital Investment S.C. is currently running the company. The company, which used to have 7,000 employees, ceased operations over the past couple of months.
Loading your updates...