Abinet sues Al Amoudi for 640.5 mln birr

Abinet Gebremeskel sues his longtime ally Sheik Mohammed Hussien Al Amoudi for an estimated 640,545,367 birr in connection with the construction and ownership of Bole Towers located around Wello Sefer.
The two prominent businessmen have been partners for a long time and according to court documents in 1994 they established Bole Towers PLC with ten million birr capital, though the capital increased to 545 million birr in 2018.
The charge Abinet submitted to the Federal Higher Court Lideta branch demanded that his share in the PLC increase based on the cost he paid for the construction of the buildings from his own pocket which is 215,545,367 birr and 425 million birr loan Bole Towers received from Dashen Bank to be considered as contribution to the capital of the building.
Abinet has 40 percent share on the towers while Al Amoudi has 60 percent share. Bole Tower PLC is engaged in constructing buildings used for office, trading and housing, and apartments. The firm owns two buildings named as Bole Towers A and Bole Towers B which together lies on 5,189 square meter width located in Kirkos sub city on Africa Avenue, adjacent to the roundabout of the area commonly known as Wello Sefer.
Abinet had served as the Chief Executive Officer (CEO) of MIDROC Ethiopia for one year before he left on July 8, 2021.
Recently Sheikh Mohammed Hussein Al Amudi has counter sued Abinet for unpaid fee from his profit of National Oil Ethiopia Plc (NOC) since 2011 which amounts to over 800 million birr.
Plaintiff Al Amudi claimed to have a share of two billion birr in profits from 2011 to 2021. He complained that various payments had been deducted and that about eight hundred and fifty million birr had not been paid.
Abinet owns a 15 percent share in the National Oil Ethiopia Plc (NOC) and Al-Amoudi 70 percent while Tadesse Tilahun has a 15 percent shares in NOC.