Ethiopia’s biggest mall in the capital Addis Ababa, Edna Mall, is reportedly in foreclosure. It is located in Bole district, the city’s affluent area.
The Ethiopian Reporter, local news source, on Saturday reported that the mall is up for sale in foreclosure with all its recreation facilities.
Teklembirhan Ambaye, who is the owner of Tekleberhan Ambaye Construction, apparently took a loan from Commercial Bank of Ethiopia with Edna Mall as a collateral.
According to the source, Mr. Teklebirhan Ambaye was unable to repay his debt to the commercial Bank of Ethiopia – something that prompted the foreclosure.
The mall covers an area of 1938 square meters, and has facilities including cinema, entertainment and gym – among other things.
Commercial Bank of Ethiopia is said to be working on the bidding process. The asking price, according to the Ethiopian Reporter, 236.9 million Ethiopian birr which is about $6,564,823.90 (Canadian dollars) – something like less than the cost of buying a luxury home in the current market.
Conversation in social media and citizen report tend to relate Teklebirhan Ambaye’s wealth as one of the manifestations of corruption under the Tigray People’s Liberation Front (TPLF) government.
Mr. Teklebrihan’s construction business was started two years after the TPLF took power in Addis Ababa. It was claimed the best contractor award for 2012
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