High Level Committee to take Measure on Access Real Estate

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selam sew
Posts: 558
Joined: 08 Feb 2011 11:14

High Level Committee to take Measure on Access Real Estate

Unread post by selam sew » 10 Nov 2014 16:29

A committee set up to resolve the Access Real Estate (ARE) complications is preparing to take legal, administrative and political measures to resolve the problems faced by home buyers and shareholders.

Two committees were set up in July 2014, comprising high level government officials, home buyers and shareholders. These committees were established by the order of the Prime Minister’s Office, to intervene in the dispute, following the flight of Ermias Amelga, chief executive officer (CEO) and chairman of the board for the share company.

The lower of the two committees, the technical committee, called a press conference on Thursday, November 6, 2014, at the Ministry of Trade (MoT) to announce that it had completed its investigation. It stated that it was ready to start taking measures, which could include interfering in court rulings, according to one of its representatives.

ARE was originally formed by five shareholders, with a 50,000 Br registered capital, with Ermias as its CEO and board chairman. The number of shareholders later increased to 652 and its capital grew to 41.6 million Br. Of this, 34 million Br is paid up, with the remaining sum to be paid within a year, according to the last external audit report in 2012.

The main committee has 10 members, chaired by Mekuriya Haile, minster of Urban Development, Housing, & Construction (MoUDHC), Kebede Chane, the minister of Trade, as vice chair. The main committee also includes Deputy Mayor of Addis Abeba, Abate Sitotaw, and Minister of Justice, Getachew Ambaye, as well as members from the ARE home buyers and shareholders....Read More at AddisFortune

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