Ethiopia: Ermias Appointed as Access Capital’s Chairman

Shareholders of Access Capital Services S.C. decided to appoint Ermias Amerga continue in his position as the company’s board chairman. This is after a year and a half passed since he was removed from the same position in Access Real Estate.

The shareholders has also appointed new faces to the company’s board of directors (BoD). 3 individuals joined the board namely; Yosef Asrat, Getachew Bekele and Antonio Silla.

Ermias was the CEO of the company. However, he gave up his power to become the new chairman of the Access Capital’s BoD.
The shareholders meeting was held in the Ministry of Trade with only 48 percent of the total shareholders being present. However, the meeting was not open for the press.

During the meeting shareholders were fury and raising tough questions when Ermias was presenting the company’s report. “Give me some time at least until I finish the report,” Ermias replied to one of the shareholders. “If you don’t believe me, you can leave.”

The shareholders have also gave an assignment for the BoD to appoint an audit firm and come up with an audited report for the next annual meeting.

It was back in 2007 that Access Capital was founded. It invested in different sectors of the market including, Thermoplastic Industries, Piko Juice Factory, Real Water, Polytech Bags, and Access Leasing.

According to Fortune, raising over 67.3 million Br in equity, Access Capital’s original idea of launching Ethiopia’s marketplace for shares was frustrated by government policy of viewing any shares in stock no different than a casino. Shareholders, later on, decided to use the company’s funds to launch a successful bank in Zemen and a failed real estate firm, Access Real Estate S.C.

Source: Fortune

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