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Federal Supreme Court lift ban on conglomerate of 21 business companies 

EFFORT _ TPLF Business

By Staff Reporter

ADDIS ABABA – (BORKENA) – The Federal Supreme Court of Ethiopia has determined to lift the ban on 21 conglomerates of business companies, which are under the Endowment Fund for the Rehabilitation of Tigray (EFFORT). The court also ordered that the revocation of responsibilities of Commercial Nominees Limited Private Company, which has been temporarily managing the business companies.

These orders were passed by the Federal Supreme Court last week 28 July 2023. The scheduled hearing made the orders after the Ministry of Justice submitted a request to lift the temporarily management and ban on companies under EFFORT.

EFFORT, which was founded in 1995 with the aim of improving the economy of Tigray Region that was devastated by the civil war and drought. It has been managing the conglomerate of business companies that are engaged in construction, textile, agriculture, mining, education, pharmaceuticals and transportation sectors. Sur Construction, Mesfin Industrial Engineering, Guna Trading, Mesobo Cement Factory and Almeda Textiles are among the giant companies managed under EFFORT.

The bank accounts of 34 conglomerate of business companies under EFFORT were suspended two weeks after the official outbreak of the bloody war in the northern part of Ethiopia on November 16, 2021. The Federal Attorney General passed the ban. It was stated at the time that the conglomerate of the business companies were suspected of “financing terrorism” related to the war in northern Ethiopia. 

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