Regional State Arrests More Suspects Under Tiret Case

Feb 2 , 2019

The Amhara Anti-Corruption Commission has brought five more suspects before the court, accusing them of involvement in corruption at Tiret Corporate. Three founders of Alpalma S.C, Eyerusalem Birhanu, Bethlehem Birhanu and Aynalem Haileleul; Gizachew Zewdu, founder of Bahir Dar Motors; and Mitiku Beyene, deputy CEO of Ambassel Trading House Plc, were arrested last week and appeared before the Regional High Court in Bahir Dar. The investigators have requested the court hold the suspects in custody for 14 days while they continue their probe, and the case was adjourned until early this week. Two weeks ago the Commission brought Bereket Simon, founding board chairperson of Tiret Corporate, and Tadesse Kassa, former CEO, before the court accused of allegedly misusing 35 million Br of public money. The Court had similarly granted investigators hold the suspects in custody for 14 additional days while they conduct their probes.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

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Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...