Court Rejects Ex-Tiret Execs Objections

May 11 , 2019


[ssba-buttons]

Judges at the Regional Supreme Court in Bahir Dar rejected the preliminary objections of Tadesse Kassa, former CEO, and Bereket Simon, former board chairperson, of Tiret Corporate. The two defendants, charged with four counts of high crimes of corruption, were arrested in late January suspected of allegedly misusing and squandering public treasure from five subsidiaries and two wings of the company. In their objections, the defendants argued that the court does not have jurisdiction over their case and that the crimes stated in the charges were alleged to have been committed before the legislation of the anti-corruption proclamation. Rejecting the defendants’ objection, the court ruled that it has a jurisdiction to preside over the case. It also stated that the alleged crime continued even after the legislation of the proclamation that was enacted in 2015. During the same session, Bereket and the third co-defendant, Daniel Gizaw, pleaded not guilty, while Tadesse requested a time extension to submit a plea. Accepting Tadesse’s plea, the court adjourned the case to May 13, 2019.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...