Kuzi Guni episode 150

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#Ethiopia At the Bole Towers Private Association, which is located in the vicinity of Bole Towers (right) and Kress Square (left), Sikeded from Bolem (right side) and Kress Square (left), Mr. Abnet Gebre Kress sued Sheikh Muhammad Ali Alamuddin, who owns 60 percent of the shares, to withdraw as a shareholder or to dissolve the association. Mr. Abnet himself was asked to withdraw as a shareholder on March 30, 2016. He made a decision.

 

Commercial and Investment Court of the Federal Court of First Instance, Mr. Abnet, August 27, 2014. The judicial commentary shows that after examining the petitions submitted by them, he made a decision on the said date, after extensively examining the grounds for the lawsuit, the binding legal decisions that have been passed on the same issues, the commercial law and other related laws.

 

Bole Towers Limited Liability Company was established 22 years ago with 60% shareholding by Sheikh Mohammad and 40% shareholding by Mr. Abnet with a paid capital of ten million birr. According to the indictment documents, the capital was increased to 545 million.

 

When Mr. Abnet explained about the institution in his lawsuit, according to the agreement of both shareholders to make payment according to the amount of capital raised according to their share, he was from 1992 to 1997. They have done their part by paying (giving) the private property that they have kept under lease to the association. However, the charges against Sheikh Mohammed or the association did not pay anything. Mr. Abnet stated in his lawsuit that although the association (Bole Towers) has agreed to pay for the construction of the building that is being constructed on a 5,189 square meter area, Sheikh Mohammed has agreed to pay for the construction with the amount of his share and the capital raised by both shareholders (545,000,000 Birr). Ato Abnet explained that by borrowing 425,000,000 Birr from Dashen Bank to finish the building of the association, they rebuilt a part of the building called Bole A and Bole B, and the end and a part of the building were made available for rent.

 

As the plaintiff explained in the lawsuit, even though he (Mr. Abnet) used his experience, money and knowledge to complete the building, Sheikh Mohammed did not agree when he asked them to pay the amount of their share, so the association filed a separate lawsuit with the Federal High Court's Civil Affairs Division to pay the 425,000,000 birr borrowed from Dashen Bank. They stated that they are.

 

In the same situation, Sheikh Mohammed filed a lawsuit in the Civil Court of the Federal High Court's Birth Division, and Mr. Abnet pointed out that the lawsuit is in progress. , they have filed a lawsuit in the Federal High Court to be paid because they spent 120,000,000 Birr for the construction.

 

Mr. Abnet's reputation is being lost and he is being threatened, he has been banned from leaving the country, it is inappropriate for him to be removed from the position of manager of Bole Towers Limited Liability Company, Sheikh Mohammed has opened more than eight case files against him (Mr. Abnet) in the Federal High Court and many of his movable and immovable properties have been frozen. They have presented in detail and extensively in their complaint that they have obstructed them by issuing it.

 

Mr. Abnet recalled that he and Sheikh Mohammed had a relationship based on respect and trust, but over time, their good relationship became stronger and sourer, and because of "strong" disagreements, they reached a level that prevented the association's goals from being achieved, and explained that their relationship had turned into animosity. He explained that although the matter was to be considered through mediation, due to the lack of interest on the part of Sheikh Mohammed and it could not be achieved, it has reached the point where it is impossible to continue the association with Sheikh Mohammed as a shareholder. As a result, Ato Abnet explained that he managed the association as a manager and also worked as a 40 percent shareholder for many years to make it have huge wealth. Sheikh Mohammed was ordered to withdraw from the association with his share and that he could continue the association as a one-member limited liability company according to the law or file a lawsuit to the court to dissolve the association. The House explained in its judgment.

 

Sheikh Mohammed was charged on October 2, 2015. In their response, they said that they paid their share of the 10,000 birr for which the association was established, but Mr. Abnet did not pay, (did not generate income), that although the capital of the association was decided to be 545,000,000 birr, they did not generate income for the association, that the building of the association was built at his own expense (by Sheikh Mohammed), Mr. Abnet from 1992 to 1997. m. They responded by denying the allegation, saying that they have privately owned it and that they gave it to the association, and that they have given it to the association. He added that it is clearly stated in the association's articles of incorporation.

 

Mr. Abnet explained in his response that when he had to fulfill his duties as a manager under the authority given to him in the articles of incorporation, he mixed the 3,189 square meter property given to the association's expansion with his own property (2,000 square meters) and issued a certificate of possession. Since the foundation of the association in 1994. He added that since then, any rights and obligations of Mr. Abnet have been transferred to Bole Towers Private Limited Company, but Mr. Abnet has not paid any payment. He explained that Mr. Abnet had committed many wrongs while working as the manager of the association and that the charges he presented were false.

 

Ato Abnet claimed to have borrowed 425,000,000 Birr to finish the association's building, but Sheikh Mohammed denied it and argued. In his argument, Mr. Abnet did not lead the association in the way that a person with high knowledge or even a lack of knowledge led the association, when they were supposed to work according to the articles of incorporation, by making the trade association not have an archive in the district, they betrayed their trust by diverting the property to themselves.

 

Sheikh Mohammed pointed out that he had filed a lawsuit for the problems he mentioned above, and in addition to suing Mr. Abnet for the cancellation of the certificate of possession issued fraudulently, he also explained that the association had borrowed 425,000,000 birr from Dashen Bank, used the money for their personal gain and caused damage to the association.

 

Therefore, Mr. Abnet has protested the lawsuit, which has no legal basis or factual basis, in which he (Sheikh Mohammed) has asked for the dissolution of the association or for him (Sheikh Mohammed) to withdraw as a shareholder.

 

As Mr. Abnet stated in his complaint, in his counter-answer presented in detail by Sheikh Mohammed, Mr. Abnet transferred and sold the company's holdings to himself while working as the manager of the association, as well as transferring the 425,000,000 birr borrowed by the association from Dashen Bank to himself, his wife, son, brother, friends, relatives and executors. They responded by stating that they have caused significant economic damage, opened eight case files and said that the case is in process.


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