Court-ordered Berhan Bank to pay 86 million Br to the Ethiopian Roads Administration (ERA)

ብርሃን ባንክ 86 ሚሊየን ብር ለኢትዮጵያ መንገዶች አስተዳደር እንዲከፍል ታዘዘ። ባንኩ ለተከለብርሃን አምባዬ ኮንስትራክሽን ኃ/የተ/የግ/ማህበር የመንገድ ግንባታ የቅድሚያ ክፍያ ዋስትና ቦንድ ሰቶ ነበር።

Judges at the Federal High Court ordered Berhan Bank to pay 86 million Br to the Ethiopian Roads Administration (ERA) a year after the court battle began. The bank had issued an advance payment guarantee bond to Tekeleberhan Ambaye Construction Plc (TACON) for a road project in the Oromia Regional State. The grade-one contractor, incorporated by Tekleberhan Ambaye as a major shareholder, won the contract for a 68Km road from Robe-Seru in July 2018. Berhan Bank issued the guarantee for 89.6 million Br the following February. The project had an estimated cost of 993 million Br and a three-year completion period. The ERA made two rounds of advance payments to the contractor for 46 million Br and 43 million Br in March and April 2019.
https://addisfortune.news/berhan-bank-pays-86m-br-to-era-over-advance-guarantee-default-court-orders/