Karuturi Demands Compensation from Ethiopia for Failed Land Deals

Karuturi Demands Compensation from Ethiopia for Failed Land Deals Karuturi Global Ltd. Managing Director Sai Ramakrishna Karuturi

On a letter written to the Ethiopian Prime Minister, Karuturi demanded compensation from the government for a series of failed land deals.

By Nizar Manek (Bloomberg) |

Karuturi Global Ltd., an Indian flower grower, demanded compensation from the Ethiopian government for a series of failed land deals as it prepares to exit the Horn of Africa nation.

The company wrote a letter to Prime Minister Hailemariam Desalegn accusing the state of nationalizing its farming investments and said it should be given “adequate and appropriate” redress. The Sept. 20 letter was emailed to Bloomberg by Karuturi Managing Director Sai Ramakrishna Karuturi.

“We stand tired and defeated and wish to exit Ethiopia,” Karuturi said in the letter, citing a government decision to “unilaterally and illegally cancel our investment and trade license.” The company also asked Hailemariam to allow the company to re-export all its equipment.

Karuturi, based in Bengaluru, India, was one of the first foreign investors to lease land in Ethiopia after the government offered incentives and identified 3.3 million hectares (8.2 million acres) as suitable for commercial farming. The government canceled the lease two years ago after saying the company failed to adequately develop its plot.

The Agriculture Ministry’s land investment agency notified Karuturi in December 2015 that the lease was canceled because development occurred on only 1,200 hectares. Karuturi disputed the state’s findings.

Tagged as:

Ethiopia News, Karuturi Global, Business, Karuturi Global Limited, Sai Ramakrishna Karuturi

RELATED CATEGORYMore

0 Views Comments

Is Safaricom Entering the Ethiopian Market?

Safaricom has denied reports of the company entering into the Ethiopian market. The Kenyan telco had been said to be gearing up for its first venture

0 Views Comments

Ethiopian Airlines Digitalized All Business Processes

Flying even more greener; Ethiopian Airlines Group, the largest airline in Africa, is pleased to announce that it has fully digitalized all its business processes

0 Views Comments

Ethiopian Airlines Enters into Codeshare Agreement with Azul Brazilian Airlines

September 26, 2017: Africa’s largest airline group, Ethiopian Airlines and Azul Brazilian Airlines have signed a codeshare agreement effective October 1, 2017. Through the codeshare

MOST WATCHED MOVIESMore

0 Views Comments

Ameroda

Ameroda - Ethiopian Movie

0 Views Comments

Zetegn

Zetegn - Latest Ethiopian Movie

0 Views Comments

Yale Bal

Watch The Ethiopian Movie Yale Bal

0 Views Comments

Yearada Lij 2

Yearada Lij 2 - Latest Ethiopian Movie

MOST WATCHED VIDEOSMore

0 Views Comments

A Glimpse at EBS Tv's 2009 New Year Special Show: Gezachew Teshome (Ney Mela) / Live Performance

A Glimpse at EBS Tv's 2009 New Year Special Show: Gezachew Teshome (Ney Mela) / Live Performance

0 Views Comments

Teddy Afro

Teddy Afro

0 Views Comments

A Glimpse at EBS Tv's 2009 New Year Special Show: Dawit Nega - Wezamey (ወዛመይ) / Live Performance

A Glimpse at EBS Tv's 2009 New Year Special Show: Dawit Nega - Wezamey (ወዛመይ) / Live Performance 

0 Views Comments

A Glimpse at EBS Tv's 2009 New Year Special Show: Yared Negu Live/ Yemerkato Arada

A Glimpse at EBS Tv's 2009 New Year Special Show: Yared Negu Live/ Yemerkato Arada

MOST READ NEWSMore

0 Views Comments

Ethiopian Prince Marries American In A Lavish Wedding 12 Years After They Met In A Nightclub

Ariana Austin, 33, married 35-year-old Joel Makonnen, a great-grandson of the last emperor of Ethiopia, on September 9 in Maryland  The couple married 12 years after

0 Views Comments

Diaspora: Whatever Happened to Our So-Called Ethiopia Rights Advocates?

They used to be loud and vociferous insulting President Obama with more zeal than the Tea Party, but now they seem like shuffle-shuffle men, busy

0 Views Comments

Spotlight: Manale Dagnew’s New Designs Support Girls’ Education in Ethiopia

Ethiopian designer Manale Dagnew's new collection of accessories are produced with motifs and colors from Ethiopia's North and South and raises funds for Girls' Education.

0 Views Comments

Ethiopia Bought More than 2,500 Ambulance Vehicles

Ministry of Health made a procurement of more than 2,500 ambulance vehicles in the aim of meeting as well as health service in Ethiopia. According to

0 Views Comments

Bereket Simon Resigns From CBE Board Chairmanship

Commercial Bank of Ethiopia’s Board Chairman, Bereket Simon, resigned from his position and hand over to Yinager Dessie (PhD), Commissioner of the National Planning Commission. Letter

0 Views Comments

Interview with Ztseat Save Adna Anania on current political developments in Ethiopia (Aidio)

by admin · October 16, 2017 Awramba Times Interviews political activist Ztseat Save Adna Anania, as part of the ongoing dialogue with Tigrean elites on current

What's next