Ethiopia: Ayat Founder Sentenced to 12 Years in Prison, Company Fined Br176 Million

The Federal High Court, Eighth Criminal Bench, fined pioneer real estate firm Ayat, 90 million Br and sentenced its founder and major shareholder Ayalew Tessema, to 12 years imprisonment on Wednesday, May 22, 2013. Ayalew must also pay 3.2 million Br in fines.

The court also ordered the repossession of an additional 86 million Br, as well as 16 heavy duty construction vehicles.

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