
My Opinion | Apr 09,2023
Municipal authorities have issued a notice to a share company that owns a commercial property in Mercato, demanding managers meet a list of requirements within 15 days or face permanent closure.
Edget Be-Andinet S.C. has been told to acquire a new trade license, hold a shareholders' assembly to elect a new board of directors, and hire an external auditor.
“Failure to do so will lead to the closure of the building permanently,” said Meketa Adafre, advisor at the Addis Abeba Trade Bureau. He accuses the company of violating its articles of association by having its board of directors serve for five consecutive terms. He also alleges it had hired an external auditor that shareholders had not approved.
The three-storey building was constructed in Mercato a decade ago at the cost of 40 million Br. It accommodates 350 stores and shops, including offices and a cafe. The building has been the contention between city officials and the company over the past few years. A year ago, authorities sealed five shops in the building but reopened them after the Addis Abeba First Instance Court ruled in favour of Edget Be-Andinet.
The authorities closed the building two months ago, alleging that the company had not renewed its trade license. They allowed it to reopen three weeks after repeated appeals from traders who lease space in the building.
Habtamu Tilaye, trade inspection and regulatory director at the Trade Bureau, says his office has been trying to shut the building down since 2017 over the expired trade license.
“Due to the pending court cases and disputes between the shareholders, officials were not able to execute their decision,” he said.
Osman Ahmed is among the businesspeople idled for nearly a month due to the authorities’ measures. Osman had paid rent in advance before the closure, selling clothes with a staff of two in the building, which is unlikely to be refunded. The father of two was operating with a valid license and contended that his business was closed unfairly.
“My future is still uncertain,” he said.
Though he is back in his shop, it might prove to be a temporary respite if the share company fails to meet the requirements laid out by city officials.
Kadir Muzayen, general manager of Edget Be-Andinet, says the management takes the notice issued on November 13, 2021, seriously.
“We’ll comply with the requirements,” he told Fortune.
However, failure by the share company to comply will lead officials to shut down the building again, forcing the businesses out.
“The traders have to relocate if the share company doesn’t comply,” Habtamu said.
Nejat Hussein, another store owner in the building, is faced with an uncertain future. She is not convinced the company will adhere to the Bureau’s demands.
“It’ll be a difficult life if my business is closed,” said Nejat.
PUBLISHED ON
Nov 13,2021 [ VOL
22 , NO
1124]
My Opinion | Apr 09,2023
Commentaries | Jun 17,2023
Fortune News | Jun 10,2023
Viewpoints | Jan 21,2023
Fortune News | Sep 30,2023
Fortune News | Jul 01,2023
Radar | Mar 28,2020
Fortune News | Mar 28,2020
Radar | Mar 20,2021
Dec 24 , 2022
Biniam Mikru heads the department of cabinet affairs under Mayor Adanech Abiebie. But...
Jul 2 , 2022 . By RUTH TAYE
On a rainy afternoon last week, a coffee processing facility in the capital's Akaki-Qality District was abuzz with activ...
Nov 27 , 2021
Against my will, I have witnessed the most terrible defeat of reason and the most sa...
Nov 13 , 2021
Plans and reality do not always gel. They rarely do in a fast-moving world. Every act...
Sep 30 , 2023
The recent gathering by the leadership - and the rank and file - of the Prosperity Pa...
Sep 23 , 2023
Ethiopia's contemporary political leaders and the policy wonks under their command ha...
Sep 16 , 2023
The Ethiopian economic narrative oscillates between pockets of resilience and signifi...
Sep 10 , 2023
Earlier this Ethiopian fiscal year, the heralding of a peace deal became synonymous w...