K2N Architecture and Engineering Consultancy PLC won the architecture design of the OIB ODA Real Estate PLC to be built in Goma Kuteba at a cost of 1.7 billion birr. Several architecture and engineering consultancies participated in the competition to present a design for the new building. The G+25 story building which will lie on 2,700sqm will have 70 apartments, offices and shops. OIB ODA Real Estate PLC was established by Oromia International Bank, Oromia Insurance, Goma Kuteba PLC and five private investors.
K2N to design OIB ODA
Following up the major cases
The Federal First Instance Court 10th Criminal Bench of Lidia Division granted police 14 days of further investigation in the B/G Tena Kurindi et al case last Thursday. The court heard the police’s suspicion of the 26 suspects of human rights violations. The court also heard the defense from the suspects.
Police elaborated and told the court that it has obtained the 70 witnesses. The investigation team leaders discussed the case of the suspects who were detained in Shewarobit Prison via fake claims that they caused a fire in the Killinto Prison. Police stated it suspected them of forcing the prisoners to admit being members of a terrorist origination and casuing the fire. The prosecution went on to say that they were kept in dark rooms, torched, and beaten in addition to many other human rights violations.
Police also accused the suspects, who held posts throughout Ethiopia, of committing several of human rights violations which are described as being beyond human imagination. They also accused the suspects of making femail prisoners walk around naked in public.
The suspects, public attorney, opposed police request for further time rsaying it was not legal. They demanded their bail rights be granted and for police to make their argument more specifically. They stated that they are from different kinds of organizations, federal police, intelligence, Addis Abeba police and the prison administration.
They also deny the human rights violations of the suspects during the Killinto Fire, and they stated that they were very careful in that specific manner as directed by the former Attorney General, Getachew Ambaye.
After hearing both sides, the court granted the further time for investigation, as requested by police.
Burayu
The Federal First Instance Court, Arada Division granted police 28 days of investigation over the 28 suspects of destruction over property and loss of human life in Burayu town. Police told the court that they have obtained fundamental evidence against the suspects.
They also told the court that they have released some on bail from the 38 individuals arrested in the beginning. The suspects demanded their release on bail and they also opposed their appearance in the federal court as they were also seen in Burayu’s court.
Among the suspects, one told the court that he was taken by police to give his witness on the happening and he also tried to establish his alibis on the occasion. He also accused one of the investigators of offering to award him if he gave his witnesses according to his guidance. He asked the investigator to tell the court what he was going to award him.
Fitsum Yeshitela, entertainment TV host
Police also brought Fitsum Yeshitela to the court asking further time for investigation. Police accused her of embezzling 23,000 USD with her friend from MeTEC. Police attached her claim to be known and supported by the former CEO of the Corporation, M/G Kinfe Dagnew.
Police also demanded further days of investigation on Cherent Dana, accusing him of operating without an agency license and causing damages to the government with his affiliation with MeTEC leaders in purchasing items.
New card prepared for sugar and edible oil distribution
Contraband trade crackdown nabs 124 barrels of benzene
In an attempt to more fairly distribute sugar and edible oil to consumers’ homes, the Addis Ababa Trade Bureau will require people to have a new card in order to purchase these items from retail shops. The new green card will have a photo and address of the consumer and will be in operation within two weeks.
Currently, 1.2 million cards have been prepared by the city. Consumers will be allowed to purchase between 2 to five kilos of sugar depending on the size of their family. They will be permitted to purchase between three to five liters of edible oil. Those who rent a house in the city must have the card to buy the products from shops.
Solomon Bekele marketing head of the trade bureau told Capital that the new system will somehow reduce theft of the products which have been sold for many years via government subsidy.
“Each shop will have the details of the people on their who they are allowed to sell sugar and oil to. People are not allowed to buy sugar and edible oil in shops where their name is not registered.
“Two years ago we printed close to one million cards and gave them the consumers to buy the products with the card but the card lacked a photo and specific information about the consumer. As a result many people bought more of the items than they should have so the new card will solve this problem.”
Capital asked how consumers association shops are preparing themselves for the audit which has been ordered by the Vice Mayor of Addis Ababa, Takle Uma.
“Auditing the shops prevents people from taking advantage of the system so we are doing the right thing by conducting this audit.”
Currently 120,000 quintals of sugar and 7.5 million edible oil are distributed people in Addis through 143 consumer associations and over 20,000 retail shops.
In other news, the Trade Bureau confiscated 124 barrels of benzene over the last two weeks as people attempted to move them out of the city and sell them in other parts of the country at a higher price.
The bureau which has been busy controlling the city entrances at the five major entry points has warned fuel stations to avoid illegal activities.
Kashahun Beyene, Trade Inspection Head at the Bureau told Capital that fuel has been in short supply because of contraband trade.
“Now things are looking better but over the past two weeks there were a lot of problems.” According to license registration 2015 article 8 trading in unlicensed products results in a fine from 10,000 to 30,000 birr and up to three years imprisonment.
Currently close to 140 fuel stations opperate in Addis Ababa.
Zemen Bank grows
Zemen Bank has grown significantly this year. In the 2017/18 financial year the bank has earned 271 million birr in profits after tax which is an increase of five million birr compared with the 2016/17 financial year, meanwhile the gross profit before tax grew as well.
The bank’s gross revenue reached 1.1 billion birr which is an increase of 15 percent and its assets rose 27 percent to 12.4 billion birr.
Zemen Bank’s deposit mobilization, which is known for unique operations, grew by 28 percent to 10.2 billion birr from 8 billion birr a year ago. The bank’s lending rate grew by 25 percent. In the 2016/17 fiscal year loan rates were close to 4.2 billion birr, but now they have grown to 5.2 billion birr, a 25 percent increase. As is the case with loan trends in the financial sector manufacturing loans and advances took the highest percentage at one fourth, while imports, exports and domestic trade followed by 15.2 percent, 14.5 percent and 11.1 percent respectively.
Since the political and economic instability affected the country’s economy and exports foreign exchange inflow at Zemen has decreased slightly compared with the preceding period.
For the year the bank has generated USD 347 million, which was USD 360 million a year ago. The bank has also stated that it has provided foreign currency account service to 1,338 customers including the Diaspora, international organizations and investors.
The earning per share for the year stood at 28.6 percent, which was 38.6 percent a year ago.
The head quarter building construction located at the so called financial district around the National Bank of Ethiopia was 38 percent completed at the end of the fiscal year, while the structural work was accomplished by August. The 3B+G+32 building that has already become one of the top views in Addis should be completed by early 2020. Zemen has also celebrated its 10th anniversary.
