Ayat Real Estate’s founder and major shareholder, Ayalew Tesema, has been freed after six years in prison.
Ayalew, who was released yesterday, on parole was sentenced to a five-year term. The real estate mogul has now joined his family.
The Federal Supreme Court last month dropped 17 out to the 23 charges established by the prosecutors of the Ethiopian Revenues and Customs Authority (ERCA) against Ayat SC and its founder and CEO Ayalew.
According to the court order, that was issued last month, Ayalew’s 12-year sentence has been reduced to eight years while his top finance executives Mehari Mekonen, (PhD) and Getachew Agonafer, who were also sentenced by the Federal High Court to serve a 12-year prison and a 10-year term, had their sentences reduced to five and seven years, respectively.
It was back on May 22, 2013, that the Eighth Criminal Bench of the Federal High Court, Lideta Division, passed a 12-year sentence against Ayalew, a 90-million birr fine against the company.
Commercial Code of Ethiopia under revision
The Commercial Code of Ethiopia is under revision as it is incompatible with the constitution and the economic and social realities of the country, Ministry of Justice disclosed.
Speaking at a panel discussion on the revised draft commercial code yesterday, Justice Minister Getachew Ambaye said that the present code that has been in use since 1952 should be compatible with the current constitution, the changing economic and social realities of the country.
According to him, the main reason for revising the code is to make it a helpful tool in realizing the policies and strategies of the developmental state. Since the existing code has limitations in realizing free market and becoming globally competitive, it needs urgent amendment.
The minister noted that such rules and regulations have huge significance for the nation’s ambition to join the World Trade Organization (WTO).
Above all, the revised commercial code would modernize the business sector and enhance investment and trade, Getachew stressed. (Ethiopian News Agency)
Housing schemes in industrial cities to engage public
The development of housing in the planned industrial cities of Ethiopia will be carried out by involving the public at large.
The bureau heads said that they will engage the public in their respective localities in order to realize government plan to develop housing projects adjacent to industrial parks.
Amhara, Oromia, Tigray, Southern regional states and Dire Dawa City Administration bureau heads said that land preparation work that house the housing projects are about to be completed.
The Deputy Head of the Amhara Region Urban Development, Housing and Construction Bureau, Shibe Kinde, said that land preparation work for the planned housing projects in Dessie and Kombolcha Industrial Parks are about to be completed. He said that public participation in those areas will be ensured.
Tigray Region Urban Development, Trade and Industry Deputy Bureau Head, Atiklti Gebrehiwot, said that communities need to save some portion of their disposable income in order to benefit from housing development projects that come with industrial park development projects. (WIC)
Al-Shabaab Deputy Commander Mahad Karatey killed in KDF strike
Al-Shabaab deputy commander Mahad Mohammed Karatey alias Mahat Karatey said to be behind the El Adde attack was killed in a Kenya Defence Forces (KDF) strike in Somalia.
Karatey, who was also the head of Alamnyat, Al-Shabaab’s intelligence wing, was killed together with 10 middle level commanders and 42 recruits in the airstrike on Nadaris camp on February 8.
The military spokesman Colonel David Obonyo on Thursday said Karatey had gone to the camp to preside over the passing out of an estimated 80 Alamnyat recruits, who had completed their training and were due for deployment to carry out more terrorist attacks.
“It is confirmed that 42 recruits were also killed while many others sustained injuries,” Colonel Obonyo said.
The military said it was believed that Karatey played a major role in the recent attack on KDF troops in El-Adde by deployment of suicide bombers.
On January 15, the Al-Shabaab attacked KDF camp in El-Adde, Somalia killing unknown number of soldiers. (Daily Nation)
