Seeye Abraha, former strongman of the TPLF, feels he should not have been in jail for a day, let alone for six years. He is, however, pleased to see the joy his release has brought to his family when he greeted well-wishers on Wednesday night, June 11, 2007. He spent six years before the Supreme Court sentenced him to five years imprisonment, and a 500 Br fine, after convicting him of involvement in grand corruption.

“I am pleased to join my family and see them happy,” Seeye told Fortune on Wednesday late afternoon, in his first telephone interview he gave from his home. To his left is his younger sister, Temnit Abraha, while on the right is Tewolde W. Mariam.

Finally, the Anbessa City Buses Enterprise (ACBE) has made a deal with a Chinese vehicle manufacturer to acquire 500 medium size buses (vans) at a cost of 13.2 million dollars, reliable sources disclosed to Fortune. This is the first order of two the Enterprise is making in order to buy a total of 1,000 vans at a total cost of over 25 million dollars.

While the Commercial Bank of Ethiopia (CBE) obtains its long desired 7,000sqm of plot beside Ethiopia Hotel, a new controversy looms over the sale of a villa situated on a 1,400sqm plot of land along Yohannes Street recently rented by Master Films and Communication Plc.

The Addis Abeba City Caretaker Administration’s (AACCA) Lease Board reclaimed the controversial plot that was leased by the former Provisional City Administration to Al Meta Impex Plc and granted it to CBE.

CBE Triples Paid Up Capital

The Commercial Bank of Ethiopia (CBE), the largest financial institution in the Horn of Africa, almost tripled its paid up capital from 1.5 billion Br to four billion Birr with the view to expanding its loan disbursements. The government approved the request of the Bank three weeks ago.

MoFED Raises Tax Rates at Regional Level

The Ministry of Finance and Economic Development (MoFED) issued two directives aimed at broadening the tax base of the country and raising government revenue.

Collecting a paid up capital of 16.6 million Br, Lion Insurance SC, the 10th insurance company in the country, chose its nine Board members in its first general assembly held on Thursday, July 13, 2007, in Axum Hotel.
 

Airstrips to Become Airports

The Ethiopian Airports Administration Enterprise (EAAE) is to take over and upgrade 10 airstrips that were used by Ethiopian Airlines. These airstrips represent a fraction of the 84 airstrips that are currently sitting idle as Ethiopian has ceased landing DC-6 small aircrafts on them.

MoFED Warns MoWR on Incessant Budget Reallocations

Fed up with the number of budget reallocations made by the Ministry of Water Resources (MoWR) within its different projects, the Ministry of Finance and Economic Development (MoFED) warned the former to stop such recurrent transfers of budgets. MoWR reallocated budgets from one of its projects to the other 280 times last year.

PPSEA Ordered to Implement Massive Layoffs with Pensions

The Ministry of Trade and Industry (MoTI) ordered the Privatisation and Public Enterprises Supervisory Agency (PPESA) to immediately implement the government’s decision to layoff and grant premature pensions to 2,655 workers from the seven state enterprises it oversees.

NOC Sues City Buses Enterprise for 2.8m Br

The National Oil Company (NOC), which has been in dispute with the Board of Directors of the Addis Abeba City Buses Enterprise (ACBE) over a revoked oil and lubricants tender award, filed a lawsuit against the Enterprise demanding a compensation of 2.8 million Br. The Board, which is locked in internal turmoil with the management and the labour union, is in a row with NOC in connection with the tender floated for the procurement of oil and lubricants for a period of five years.

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