Logistics Enterprise Battles Unsettled Payments

Apr 29 , 2023


Several government institutions hold over 7.5 billion Br unpaid bills on Ethiopian Shipping & Logistics Services Enterprise. Ethio-Engineering Group, formerly known as Metals & Engineering Corporation (METEC), takes the 1.5 billion Br share. The Enterprise is currently in a lawsuit with three banks which delayed payments for its services. This was revealed as the newly appointed CEO of the Enterprise, Berisso Amalo (PhD), presented his first report on Friday at the company's headquarters on Gambia Street (La Gare). The state-owned Enterprise has earned 32 billion Br in revenue while incurring costs of 26 billion Br in the nine months of the fiscal year. It had also purchased 185 new freight trucks raising its fleet to 609 along with ownership of 15 buildings and 465hct plots. Mihertab Teklu, who manages ports and terminals for the company, quelled rumours of the suspension of Kombolcha port construction by revealing that the half a billion Birr in compensation required for relocated households in the site was stalling the construction. Executives indicated that foreign currency shortages arising from half of the payment in dollars for their services to importers being withheld by the central bank had been a setback.


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