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Karuturi Ethiopia has gone bankrupt – Ministry of Agriculture

Karma of the poor will get you!
Karmjeet-Sekhon-in-GambelaNotice folks how the TPLF junta was financing the sale of Ethiopia’s land while displacing the indigenous natives of the land. They were borrowing to “buy” and farm the land that’s being handed to them.

Karuturi Global, which earlier agreed with the Ministry of Agriculture (MoA) to grow wheat on 300 thousand hectares of fertile land has fell to deliver its promises of becoming a leading agricultural company.Karuturi was almost foreclosed after failing to repay a 65 million birr (a little over USD three million) loan extended via overdraft facility from the state-owned Commercial Bank of Ethiopia (CBE). However, the company immediately settled the minimum, 25 percent of the debt. But government officials told The Reporter that Karuturi is no longer reputed in Ethiopia.Abera Mulat, director of agricultural investment and land administration agency, at the MoA told The Reporter that Karuturi no longer a reputable company in Ethiopia. According to Abera, the Indian giant has failed to deliver. The official went on to say that Karuturi is on the verge of collapsing in Ethiopia. “Karuturi has gone bankrupt following internal management crisis,” Abera said.
In a telephone interview from Bangalore, India, Ram Karuturi, CEO of the company, told The Reporter that he will continue investing in Ethiopia. Currently, he is selling out machineries and equipment worth some 15 million birr to repay debts the company has incurred here. Karuturi is known for borrowing from CBE, Dashen and Zemen banks. The loan extended to the company exceeds 170 million birr and the CEO said that his company is set to settle the debts by the end of this month.
The multimillion dollar company has been flouting stock shares at the international market intending to raise capital. Officials reason out that the rift among the 19 figures of the Karuturi Group at global level is the result for Karuturi to go down. But Karuturi pointed at government officials for some of the challenges his company is facing. The recent announcement of Karuturi’s selling out of machineries and equipment and other accessories prompted the concerns of local officials. However, Ram Karuturi denied that selling out those machineries is based on the intention of settling debts. Furthermore, he said that the company is selling out the surplus equipment it had in the farms. According to the CEO, the company has a USD 70 million worth of machineries in Ethiopia.
www.thereporterethiopia.com/indespotlight

1 Comment

  1. Is Ghion hotel safer than Taitu hotel or Karuturi’s farm?
    The ancestoral owners of karuturi’s land in Ethiopia made Karuturi tremble and decide to leave the country by terminating it’s lease early.
    In related event the Ethiopian government’s security head Commander for Oromia who was evicting land owners and farmers all over Ethiopia died with his three co-workers after his brand new Toyota Land Cruiser fell off a cliff in Assabe Teferi, Ethiopia while they were on their way to celebrate Kelubui Gebriel in Eastern Ethiopia. The commander was accused for numerous crimes on Oromo people.
    Also Taitu Hotel THE OLDEST HOTEL IN THE COUNTRTY burnt down.
    One guy gave testmony “I needed to do my part to stop the property Grab trend that is going on in Ethiopia. the fire was not just another fire. It was a stand for our rights of free ownership of Ethiopia. We will not sit around and see the money monger government of Ethiopia sell our property to their money monger partners. WE will forever claim what is ours . Even though it hurts us to see the place we have to free our conscious. Our children and grand children will make sure no one plays in what they own. We were illegally denied of our Hotel by the Ethiopian communist and “Capitalist governments”. We will never be thrown out of our ancestoral hotel and not do anything about it. The building and the land it stands on is ours.”
    Fire Damages Historic Hotel in Ethiopia
    THE ASSOCIATED PRESS REPORTED OUR FIGHT FOR OUR RIGHTS TO OWN WHAT IS OURS ON JAN. 11, 2015, 11:30 A.M. E.S.T. AS FOLLOWS
    .
    ADDIS ABABA, Ethiopia — A fire department official says a fire has damaged a hotel which is a historical landmark in the Ethiopian capital, Addis Ababa.
    Commander Tadesse Gemechu said Sunday two people were taken to the hospital after being rescued from the fire at the Taitu Hotel which was built in 1907.
    Tadesse says the cause of the fire is being investigated. Many of the hotel’s rooms, its historic pieces and a bank office were completely burned down before firefighters put out the fire. The city’s famous jazz club that used to be frequented by foreigners and locals alike, Jazz Amba, was also completely destroyed by the inferno.
    Addis Ababa’s Deputy Mayor Abate Sitotaw said efforts will be made to restore the Taitu Hotel.
    WE ETHIOPIANS ARE FORCED TO TAKE MATTERS IN OUR HANDS SINCE THE GOVERNMENT OFFICIALS ARE PACKED AND READY TO RUN WHEN THEY HEARD THEY GOT SUED TO ICC . NOW AFTER THEY HEARD THIS NEWS BELOW SOME ARE UNPACKING PROLONGING OUR MISERY . Ethiopian Prime Minister HaileMariam Desalegn urges African countries to withdraw their membership from ICC
    .
    Ethiopian Prime Minister, HaileMariam Desalegn, has called on African countries to withdraw their membership from the International Criminal Court (ICC) as the organization is only serving the interests of Western nations.
    We can’t agree more Mr. Prime Minister this court is a sham created to witch hunt African leaders. If it was really meant for justice, you would have seen those who are responsible for the destruction of millions of lives in the past few years. It is a mechanism for the western powers to get rid of world leaders who refuse to do their dirty work. (Tigrai Online remark)
    The Prime Minister made the remarks while receiving the Sudanese State Minister for Information, Yasser Yusuf, who concluded a three-day visit to Addis Ababa on Monday.
    Prime Minister Desalegn said that he totally agreed with the call on African countries to pull out of the ICC. He expressed happiness that Ethiopia was not member of the court, because “the court is not the place for justice as all permanent members of the UN Security Council have stayed away from the court, but still use it to implement their political will” TAITU HOTEL THE OLDEST HOTEL IN THE COUNTRY BURNT DOWN BECAUSE THE ETHIOPIAN REBELS TOOK IT FROM THE ORIGINAL OWNERS AND WOULD NOT RETURN IT NOMATTER WHAT. WHEN ICC COURT SUED THE REBELS THEY BURNT IT DOWN ENDANGERING TOURISTS LIFE IN ADDIS ABABA.

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