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Court Orders Ayka to Pay 6m Br to Amibara

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.

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New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correc...

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Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling 2,880,187tn of cargo, this represents a slight decrease compared to the same period in the previous fiscal year. The ESL attributed this dip primarily to global difficulties, notably Red Sea shipping disruptions. Despite these hurdles, the company reported exceeding its profit targets. Projecting...

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Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the planned 190.9 billion birr by 106.73pc, representing a 106.7 billion Br increase compared to the same period in the previous fiscal year. Commissioner Debele Kabeta noted that coordinated efforts with other institutions to prevent contraband contributed to the successful outcome, resulting in the seiz...

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