Court Blocks BGI Ethiopia's Assets Trying High Stake Lawsuits

Jun 11 , 2024


Judges at the Federal First Instance Court issued an injunction last week, halting the sale of BGI Ethiopia’s headquarters and the transfer of shares in Brasseries International Holding Limited (B.I.H). The injunction, signed by Judge Girawork Yitbarek, ruled immediate delivery to the defendants. The legal action followed a high-stakes lawsuit filed by Zewudnesh G. Asrat, an 80-year-old woman, against BGI Ethiopia, Jean P. Blavierre, B.I.H, and Hebu Properties Limited. The plaintiff claims a 27pc ownership stake was unlawfully seized and demands the restoration of her shares, reinstatement of her role, and compensation for unpaid dividends. In February 1999, B.I.H acquired the entire stake in BGI Ethiopia Plc, with the transfer of shares legally approved and registered. Zewudnesh’s affidavit details that B.I.H held 22,394 shares (73pc), while she held 8,283 shares (27pc). Following B.I.H's capital investments, the share par value increased tenfold, from 100 Br to 1,000 Br. The 30,000Sqm property owned by BGI Ethiopia near the Mexico roundabout had previously been under an injunction by Purpose Black Ethiopia until recently. Due to a decision by the city administration to relocate major industries from the city centre and unmet water supply needs, BGI Ethiopia's executives decided nearly a year ago to relocate the plant and began seeking potential buyers for the site. Purpose Black initially showed interest, but the deal eventually fell through and settled only a few weeks ago. BGI Ethiopia's management was preparing to seek another buyer before the court injunction was issued.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...