Business
Judges Hand Savor Addis to a State Firm as Founders' Dispute Leaves Workers Idle
Addis Fortune · 14 hours ago · Read the Full Story on Addis Fortune
AI SUMMARY
A federal court has placed the Savor Addis restaurant under state-owned Commercial Nominees after its divorced founders' management deadlock left 157 employees unpaid and the business closed for four weeks.
- Federal judges placed Savor Addis under the management of state-owned Commercial Nominees.
- The restaurant has been closed for four weeks and its operations suspended pending the handover.
- The business trades as Misgana & Bilen Trading Plc, incorporated over a decade ago with 100,000 Br in capital.
- Shareholders Misgana Kebede and Bilen Aynu divorced about six years ago and each kept a 50pc stake.
- Misgana served as general manager and Bilen as his deputy before disputes over bank transaction signing authority escalated.
- Lower courts and the Federal Supreme Court's Fourth Inquiry Bench ruled that both shareholders must jointly sign all bank transactions.
- Misgana argued the joint-signature requirement paralyzed transactions and halted salaries, taxes, and supplier payments.
- Bilen stated she withheld her signature because she was denied access to company records to verify payroll accuracy.
- The Federal Supreme Court directed its registrar to appoint an independent general manager due to the unbroken deadlock.
- Commercial Nominees will run the company until the shareholders reach an agreement, with fees subject to court approval.
- The closure has left 157 employees uncertain, with some going two months without pay and struggling to meet basic expenses.
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