Court Orders Payment of 852 Million to Sheikh Al Amoudi

An Ethiopian court has ordered Abnet Gebremeskel to pay 852 million to Sheikh Al Amoudi, the Ethiopian business tycoon. Abinet Gebremeskel, a close confidant and business partner of Mohammed Hussein Al-Amoudi for over three decades, left the MIDROC Group in 2020.

Sheikh Mohammed Hussein Al Amoudi had sued Abnet Gebremeskel. According to the case file, 852 million 462 thousand 650 birr was deposited in Mr. Abnet’s bank account out of the total profit share guaranteed by the company to go to Alamudi from the profits made by the National Oil Ethiopia Company.

According to the document, out of this amount, more than 581 million Birr was paid to government officials, including government institutions, from Mr. Abnet’s bank account with the consent of Sheikh Al-Amoudi. This court document, which mentions that 75 million birr was paid to the Prosperity Party, shows that 120 million birr was given to the Addis Ababa City Administration Social Trust Fund, 5 million birr to the Federal Police and 7 million birr to the Information Security Network Agency.

Regarding these and other payments mentioned in the document, Sheikh Ali Al-Amoudi argued that he did not tell Abnet to give this money to government people. He demanded return of this money. The defendant Mr. Abnet argued that he gave the money as a representative of Sheikh Al Amoudi’s company.

Federal High Court, which was looking into the case, closed the case when it ordered Abnet to pay 852,462,650 birr to Sheikh Al Amoudi, including the 75 million birr paid by Abnet to the Prosperity Party.

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