String of charges hit long time partners

Court postpones Al- Amoudi’s lawsuit

The Civil Bench of Federal First Instant Court adjourns to hear the case that Sheik Mohammed Hussein Ali Al-Amoudi filed against his long-term partner and intimate friend Abinet Gebremeskel. The hearing has been set to take place next week.
The Civil Bench of Arada Division that appeared late this week gave an order for the lawsuit filed by the prominent tycoon to be heard this coming week owing to the absence of a judge ready to preside over the case.
In the charge which was filed in August last year through his lawyer Eshetu Woldesemayat, the business magnate and former chief attorney general of the then Ethiopian Revenue and Customs Authority, Al-Amoudi, claimed that the defendant abused the power which the plaintiff gave over Bole Towers Plc.
The company which was formed by the two individuals about 20 years ago, belongs 60 percent to Al-Amoudi while the remainder is owned by Abinet. With regards to management, Abinet was given the responsibility to manage the company, while Al-Amoudi had the power of attorney.
Al-Amoudi on July 15, 2021, then revoked the power of attorney that he gave to Abinet.
The plaintiff claimed that despite the general manager and representative of the major shareholder being expected to administer the company as per the memorandum of association and article of association, the defendant did not play by the rules.
The file added that the defendant transferred the plots of land sized 3,383 and 1,971 meters squared each which have a facility worth 120 million birr for his own, about three and two years ago respectively. The file claimed that as a result, the defendant damaged the interest of the major shareholder. Further adding that about seven months ago, the defendant tried to transfer the properties to third parties.
The lawsuit also entails the failure of the defendant to produce documents such as audit reports, minutes and accounting balance which are crucial for the case.
As per the claims, the plaintiff appealed to the civil bench for the defendant to make available relevant documents of the company, whilst he also called for the removal of Abinet from the general manager post at Bole Towers, which is located around Wollo Sefer, in addition for an appeal of audit of the company.

The post String of charges hit long time partners appeared first on Capital Newspaper.

Leave a Comment

Your email address will not be published. Required fields are marked *