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ZemZem raises 1.2 bln in subscribed capital

Months after it started selling its shares, ZemZem Bank – which is to be the first recognized full-fledged Islamic banking institution – has managed to raise more than 600 million birr in paid-up capital, and has registered a subscribed capital of 1.2 billion birr, The Reporter has learnt.

Massive state loans threaten CBE

The more than 400 billion birr loans the Commercial Bank of Ethiopia (CBE) extended to state enterprises and the government in the past years has posed a threat to the biggest bank in Ethiopia.

Government contemplates rescinding wheat contract awarded to Wifag

Despite the depleting national wheat stock, the Government of Ethiopia (GoE) is contemplating to cancel an earlier wheat supply contractof 400,000 metric tons at USD 108 million (3.04 billion birr), which was awarded to WifagMabrouk General Trading and its local partner Aplas Importer Plc, a little over a month ago, The Reporter has learnt.

Court suspends transfer of title deed of 40/60 condos

The 8th Civil Bench of the Federal High Court at Lideta has suspended the transfer of the title deeds of more than 18,000 40/60 condo houses which were slated for handover to homeowners who were picked from hundreds of thousands of registered home seekers by a lottery drawing a month ago, The Reporter has learnt.

Auditor General declines Board appointment

The Auditor General, Gemechu Dubisso, is reported to have declined his appointment as member of the board of directors of the state owned Commercial Bank of Ethiopia (CBE) this week, The Reporter has learnt.

DBE to foreclose on Ayka Addis

The Development Bank of Ethiopia (DBE) is to foreclose on the bankrupted Turkish textile company – Ayka Addis Textile & Investment Group – in the coming one month, The Reporter has learnt.

Addressing diaspora trust fund issues

Many agree that the country’s current foreign currency crunch is in dire need of creative solutions as it has reached chronic level. In fact, it is critical now that the country is facing difficulty in importing lifesaving medication like insulin.