Former Shipping Executive Walks Free

Alemu Ambaye, deputy chief executive officer of the Ethiopian Shipping & Logistics Enterprise.


Former Shipping Executive Walks Free

Judges at the Federal High Court acquitted Alemu Ambaye, deputy chief executive officer of the Ethiopian Shipping & Logistics Enterprise, who was charged with corruption. Alemu was arrested in June 2017 suspected of causing 65 million Br in losses in the procurement of containers. The court has let him walk free as he adequately defended the charges against him. The 15th Criminal Court of the Federal High Court, Lideta Division acquitted Alemu and dropped the charges against him on January 29, 2019. Alemu, who was in charge of the government’s largest shipping service enterprise, was arrested along with three other deputy chief officers at the Enterprise and another 120 government executives in different public offices. His case has been pending for the past year and a half before his acquittal and release last week.

[ssba-buttons]

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...