Court Rules Against Abnet Gebremeskel in Property Dispute, Favoring Al Amoudi

The court also determined that Abnet Gebremeskel, the former manager of Bole Towers Plc, must repay a significant portion of the borrowed funds used for the construction of the company's building. Abnet had secured a loan of 425 million birr on behalf of the association, and the court has ordered him to repay 304 million birr, along with accrued bank interest.The ruling comes as a result of a case brought forward by Sheikh Mohammed Hussein Ali Al-Amudi, who holds a majority 60 percent stake in Bole Towers Plc. Al Amoudi contested Abnet's claim to the properties, asserting that they were unlawfully obtained. The court, after reviewing the evidence, sided with Al Amoudi, declaring Abnet's claim invalid and ordering the return of the properties to the company.

The court appointed auditors to investigate the utilization of the loan amount for the construction of Bole Towers. After considering the auditors' report and other evidence, the court ruled in favor of Bole Towers Plc, ordering Abnet to repay the borrowed funds.

Abnet lodged a lawsuit with the Federal Supreme Court, expressing his discontent over the Federal Court of First Instance's affirmation of Al Amoudi's decision to terminate Abnet from his managerial position. The cassation bench of the Federal Supreme Court upheld the verdict of the First Instance court.

In a distinct legal matter, Abenet filed a lawsuit against Al Amoudi, alleging the improper appointment of Ambassador Ali Suleiman as the new manager of Bole Towers Plc. Abnet contested the appointment, but the Federal High Court recently rendered a ruling affirming the legality of Ambassador Ali's appointment.