Saturday, August 6, 2011

Commercial Bank Auctions off Mam Trading Assets

Addis Fortune: "The Federal Supreme Court has issued an order to freeze 11 million Br worth of Mam Trading Plc’s assets which are to be auctioned by the Commercial Bank of Ethiopia (CBE).
The order to freeze comes as part of a 43.6 million Br court battle against Mam Trading Plc along with its Director General Musema Aman, and his wife, Munaja Temam, in an effort to recover the non performing loans granted by CBE in 2009.
The high court passed an injunction order on several properties belonging to the defendants following the suit filed by CBE at the Federal High Court’s Ninth Civil Bench on June 21, 2010, for an amount of 43.6 millio"