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State to Impound Dividend of Ethiopian Origins


Upon returning their share certificates they will take two years' dividend

Foreign nationals of Ethiopian origin who are shareholders in Ethiopian banks and insurance have been given 60 days to relinquish their shares and return their share certificates.

Upon returning their share certificates, the banks are expected to pay outstanding dividends of two years, 2014/15 to 2015/16.

At the end of fiscal year 2015/16, banks were ordered to identify their respective shareholders of Ethiopian origin and pass the list to law enforcement bodies. Payment of the annual dividend been delayed because of this issue.

Last week's guidelines clarified a pending issues - waiver of any possible criminal liability for overlooking the legal prohibition from engagement in financial sector, and the release of the suspended two years dividend.

What is left of their investment four months after the end of the last fiscal year, June 2016, will be transferred to the Central Treasury or Ministry of Finance & Economic Cooperation accounts.