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The Ethiopian Privatisation Agency has ordered Weynu Curtain Trading PLC, which owns Ethio-Japan Textile factory, to pay fines totaling 46.5 million birr for failing to complete the project or provide sufficient information to the Agency.
The fine includes 7.4 million birr for each year since the purchase of the factory. The EPA transferred ownership of the factory to Weynu in May 2010, for a purchase price of 30 million birr.
Before it bought the factory, the company was leasing it at a cost of 2.1 million birr per year.
Weynu paid 2.7 million birr as a down-payment and agreed to pay the rest over five years, including interest.
The statement of claim presented in court says “the company failed to pay as per its schedule.”
The Agency started legal proceedings after it notified Weynu twice that payments were overdue, in October and December 2012, but the company still failed to pay.
The EPA also accused the company of failing to make available information about the factory.
“Because the Agency is responsible for following the performance of the company, it required information at different times, but the company did not volunteer this,” the EPA said.
The Agency claims the company was not meeting performance targets set at the time of the purchase of the factory.
The contract between the EPA and Weynu sets out that, if the company fails to meet its obligations, it will be liable for fines of 46.5 million birr, which amounts to the estimated value of the factory.
The Eighth Bench judge, Hussen Yimer, scheduled the case to be seen for October 2013.