Business
Dispute Over Signatures Puts Savor Addis Restaurant in Paralysis
Addis Fortune · 2 weeks ago · Read the Full Story on Addis Fortune
AI SUMMARY
A divorced couple's refusal to co-sign bank transactions has paralyzed the Savor Addis restaurant, leaving it unable to pay employees, suppliers, or taxes.
- Savor Addis is operated by Misgana & Bilen Trading Plc, founded over a decade ago with an initial capital of 100,000 Br by Misgana Kebede and Bilen Aynu.
- The 50-50 shareholders were married, had three children, and divorced about six years ago without dividing the company holdings.
- Misgana served as general manager and Bilen as his deputy before the dispute escalated.
- The deadlock prevents the company from paying its 157 employees, settling supplier invoices of millions of Birr, or meeting tax obligations.
- The legal dispute began after Misgana revoked Bilen's bank signing authority, prompting her to sue him for misappropriating company resources.
- Lower courts ruled that both shareholders must jointly run the company and require both signatures for every bank transaction.
- Bilen refused to sign financial documents because she was not given access to the underlying financial accounts.
- The Federal Supreme Court's Fourth Inquiry Bench upheld the lower court's joint-signature ruling, finding no error of law.
- The restaurant previously operated near Namibia Street for nearly nine years before relocating to Africa Avenue (Bole Road) at Minaye Office Park Building.
- Two additional legal cases concerning the restaurant and the spouses remain pending in other courts.
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