Tag Archives: Turkish manufacturer

What a mess at DBE! Boils down to TPLF’s inefficient use of bank’s resources to beneift TPLF members

11 Jan

Posted by The Ethiopia Observatory (TEO)
by Addis Fortune, DBE Second Thoughts On Else Foreclosure
DBE seeks nearly one billion birr loan go up in smoke.

The Development Bank of Ethiopia (DBE) is reviewing its selling price for the foreclosed textile company, Else Addis Industrial Development Plc. The bank had foreclosed on Else with the negotiation price of 729 million Br last week after the Turkish owners abandoned the factory and left the country with unpaid loans from the DBEof 900 million Br.
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CBE forced on disastrous path taking over foreclosed manufacturer Turkish Saygin Dima

4 Jan

Posted by The Ethiopia Observatory (TEO)
by Addis Fortune
After repeated attempts to transfer the ownership of troubled multimillion Br textile company Saygin Dima, the Commercial Bank of Ethiopia (CBE) has taken control of the company. The bank is still looking into options for the administration of the company. Saygin Dima, which used to be owned by Turkish investors, has been in the foreclosure process for the past six months. However, the factory has failed to generate any interest from buyers. The foreclosure came after the former owners failed to pay their loans.
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