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Federal Judges Permit Additional Investigation Days for Abnet Gebremeskel Probe

Oct 10 , 2023

Amidst high-profile business feuds, Abnet Gebremeskel found himself back in court today. Judges at the Federal High Court granted federal investigators' requests to keep the businessman under custody. He will spend an additional 10 days in detention.

Once a close confidant of Mohammed Ali Al-Amoudi (Sheikh), Abnet is no stranger to the saga that has been unfolding over the past few years. The investment in Bole Towers Plc, where Al-Amoudi holds a majority stake, has Abnet's 40pc share not to be overshadowed.

The duo's relationship has seen its fair share of strain. Following Abnet's removal from his CEO position at MIDROC-Ethiopia two years ago, a cascade of lawsuits have been exchanged. These legal battles have been of considerable interest to the public, marking a tension-filled chapter in the history of their friendship. Yet, until recently, these clashes remained within the bounds of the courtrooms where judges examine civil suits.

However, last week marked a significant escalation. On October 5, 2023, federal investigators arrested Abnet from his home on General Wingate St., leading to his subsequent court appearance the following day. The arrest signifies the first time Abnet, an American citizen, has been incarcerated due to business transactions involving the Sheikh.

Representing the Federal Crime Investigation Bureau, Dawit Taye presented allegations of nefarious dealings in relation to a 1,971sqm property on Africa Avenue (Bole Road) in Wereda Two, Bole District.

The Court's decision to extend the investigation period suggests the gravity of the allegations. Legal representatives Amare Ashenafi and Alemu Korme, acting on behalf of Abnet, have advocated fervently for his right to bail. They argue that the documents under scrutiny have already undergone investigation, implying the redundancy of further legal proceedings. Despite their pleas, the Judges remained unconvinced, granting law enforcement an additional window to continue their probe.

All eyes are now on the upcoming hearing, scheduled for October 20, 2023.

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