Ethiopia: Sheger Taxi to Repay Debt to Zemen Bank

The 8th civil bench of the Federal High Court has ordered Sheger Meter Taxis to pay back about five million Br in unpaid debts to Zemen Bank. Sheger Meter Taxi, the pioneer in metered taxis in Addis, borrowed around 3.3 million Br from Zemen Bank in June 2010. The debt should have been paid by June 2014, according to Zemen's claim. Although the bank notified the defendant to pay the debt by September 2014, Sheger failed, according to the court's ruling. Sheger also failed to appear in court and defend the claims brought against its company.

Zemen brought 25 cars of Sheger's fleet to be auctioned to cover the debt that the defendant failed to pay. However, there were no buyers. The court then ordered the defendants to pay around five million Birr, the unpaid debt, as well as 16pc interest. The interest will be calculated until the whole debt is paid.

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