Court Orders Midroc to Pay Half a Billion Birr | Addis Fortune Breaking News – See more at: http://www.zehabesha.com/court-orders-midroc-to-pay-half-a-billion-birr-addis-fortune-breaking

alamudi

Two court cases involving four state enterprises, brought against MIDROC subsidiary Horizon Plantations Plc, closed with the court ordering Horizon to effect immediate payment of almost half a billion Birr to the Ministry of Public Enterprise.

Gojeb Agricultural Development, Horizon Addis Tyre, Limmu Coffee Farm and Bebeka Coffee estates were all transferred to the MIDROC Group with advance payments and a set installment payment schedule.

Horizon Plantations, the plaintiff, failed to follow the schedule set for payment. The Company admitted the failure which it claims is a result of financial crisis it faced recently. Horizon asked to be granted a six-month grace period in which it promised to rectify what went wrong in all cases.

The 8th Bench of the High Court in the past months examined the case and uniformly denied the request in the two cases. The total amount MIDROC is expected to pay adds up to 433,571,241 Birr on which interest will be calculated if there is further delay or failure.

 

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