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Charges made against Tsehay Shiferaw, President of Awash International Bank SC (AIB) on the count of hit-and-run have been dropped.
Tsehay was suspected of a hit-and-run accident that caused the death of an unnamed individual on the night of February 25, 2013.
On May 13 the Lideta Federal High Court acquitted the president from the case after police identified through forensic investigation that he was not involved. The court also removed the restriction it had imposed on his right to travel outside the country.
According to the Police, the deadly car accident allegedly occurred on ‘Meri’ road that extends from the ‘CMC’ road, while the victim was making his way over a Zebra Crossing around 9:00 pm. The suspect, Tsehay was supposedly around the scene at the time of the accident.
It was then reported that the alleged incident is said to have taken place as Tsehay was heading home from a workout session at Beshale Hotel in the CMC area. Police arrested the president claiming that eyewitnesses saw Tsehay hitting an unidentified man with his car and driving away.
He remained in custody for ten days as police could not complete its investigation, and requested further extensions on two occasions to locate and interview witnesses, ‘who were inaccessible at the time’. He was released in March, on 50,000 birr bail and a restriction on travels outside the country.
Tsehay told Capital that he is proud and satisfied with the way the case was handled. “I am very happy with the justice system,” he said.
Tsehay Shiferaw was appointed as president of Awash International Bank (AIB) on June 16, 2011, after serving as acting president since December 2010.
Tsehay, 40, father of two, joined AIB as a branch manager in 2005. Since then, he has served the bank in different positions, such as credit manager, vice president of credit, and risk manager.
Previously, he also worked as a branch manager at Commercial Bank of Ethiopia (CBE).
AIB, the first private international bank, was established in 1996. It has a paid-up capital of 730 million birr.