(Berhanu Fekade) * Officials fretful on loan repayment, land lease and country’s image * CEO says will settle local debts this month It has been over a year since the Ethiopian government expressed discontent with the performance of the Indian giant, Karuturi Global Limited, a company engaged in the business of commercial farming. Karuturi Global, which earlier agreed with the Ministry of Agriculture (MoA) to grow wheat on 300 thousand hectares of fertile land has fell to deliver its promises of becoming a leading agricultural company. Karuturi was almost foreclosed after failing to repay a 65 million birr (a little over USD three million) loan extended via overdraft facility from the state-owned Commercial Bank of Ethiopia (CBE). However, the company immediately settled the minimum, 25 percent of the debt. But government officials told The Reporter that Karuturi is no longer reputed in Ethiopia. Abera Mulat, director of agricultural investment and land administration agency, at the MoA told The Reporter that Karuturi no longer a reputable company in Ethiopia. According to Abera, the Indian giant has failed to deliver. The official went on to say that Karuturi is on the verge of collapsing in Ethiopia. “Karuturi has gone bankrupt following internal [...]
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