Technical Committee Reports Achievements on Access Real Estate

Published: Tuesday, 10 March 2015 Written by Fortune Sunday 08 March 2015 Page: 06

A second press conference, held by the technical committee of ARE, reported its activities on March 5, 2015

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“I did not leave because I was afraid of being arrested, but because I thought it would be better to stay away for a moment to save the company from breaking up. If I had stayed here and were arrested, things would have been even worse. But if I have to be arrested, then I have to be arrested. It does not mean anything to be arrested. Sometimes it even gives relief to stay in prison.” Stated Ermias Amelga, speaking to journalists during a press conference on March 5, 2015, at the Ministry of Trade.
The technical committee of Access Real Estate held a second press conference on March 5, 2015, to report the activities it had taken in tackling the real estate company’s problems.
The main committee, which formed the technical committee, was established on July 2, 2014, to identify and resolve the Real Estate Company’s problems with its homebuyers and shareholders. The process was initiated with the order of the Prime Minister’s Office, following the flight of Ermias T. Amelga, the company’s chief executive officer (CEO) and chairman of the company’s board.
The technical committee’s chairperson, and the general manager of Alle Bejimela, Nuredin Mohamed, said in the press briefing that the Real Estate Company had assembled around 1,800 homebuyers to resolve their problems and to help meet their needs, either delivery of homes or refund of money through negotiation. He also said that the committee had been able to retain assets, including houses, that were registered to Access Real Estate through talks with the city administration’s Land development & Management Bureau. The committee is also talking with third parties that the number of legal proceedings intended to be instituted by such parties would minimise and the real estate company would become operational.
The committee had also reorganized the board of directors of the company to resolve its problems with its shareholders.
“We managed the return of the former CEO of the company, Ermias T. Amelga after a long negotiation and based on the legal and criminal policies, to help to reinstate the company its previous success,” Nuredin added.
Thanking the government, homebuyers association and the technical committee, Ermias stated that he came back to his country taking the responsibility of solving the Real Estate Company’s problems and accepting the legal responsibilities.
“The good thing is that the company had big potential, which had convinced the government that it should not be disintegrated and that there is enough wealth to relieve it from all problems it had encountered,” said Ermias, explaining that the problem is lack of trust on the Real Estate Company, not lack of assets.
“Our main aim this time is to build the trust among the shareholders, home buyers and the government and that this trust is being constructed because of my coming and we will enter into practical solutions to solve the problems,” he said, assuring that nobody who invested on the company would lose, but would get either the house or their money including its interest.
Concerning the ongoing legal proceeding, Nuredin said that the committee and the government had no prerogative to suspend and stop the legal proceedings and that the committee is not established to cease ones constitutional right.
“However, the Committee and Access had a similar legal right to appeal on the decisions of the court, which were decided in the absence of the Real Estate Company,” Nuredin said, mentioning the Real Estate Company’s case with Gabby Investment, which, he said, was heard in the absence of Access.
But, actually, Access’s case with Gabby was settled in Court two weeks ago favouring Gabby, in the presence of the Real Estate Company’s lawyer.
“We will reverse the decision through negotiation with Gabby and revive its contractual relationship with the company,” Nuredin added.
Concerning the warranty given to Ermias, Nuredin said that such is everyone’s right to exercise and that the ministry of justice had ensured such right to Ermias after observing the legal policies and criminal laws.
“The homebuyers of Access Real Estate are giving big support in the resolution of the problems and are patient to wait until the end,” Aklog Seyoum, representative of the homebuyers in the technical committee said during the press conference.

This content is published on, Fortune Sunday 08 March 2015 Page: 06

 

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