Access Real Estate Saga Continues with Five Lawsuits

Addis Ababa, Ethiopia –Access Real Estate SC is facing five suits at different benches of the Federal High Court, seeking refunds of deposits paid for houses, which the company has failed to deliver.

The company, established in 2008 by 652 shareholders with a capital of 35 million Br, has received partial and full payments from 2,000 clients wishing to buy houses, which were to be built  in various parts of the city, including; CMC Ayat, Lafto Gerji, Bole, Lebu, Alem Bank and Betel.

All the plaintiffs filed their charge with a summary procedure and the Court accepted all charges to be seen as such.

Seble Reta, one of the plaintiffs claimed that she had paid the company 1.375 million Br, the total payment for a three bedroom house. She made the payment in two installments; the first, a sum of 702,500 Br on November 8, 2010, and then later, 672,500 Br on November 11, 2010. She claimed that the company had agreed to refund her money in installments, over June, July and August of 2012. She claims that all she has received from the company thus far, however, is 30,000 Br.

She sued the company on March 25, 2013, demanding a total of 1.82 million Br, including 15pc interest; noting that the 30,000 Br she already received would be deducted from this sum. Three days later, she successfully applied for an injunction against an Access-owned house in Bole, which she claimed the company was about to sell.

The sixth bench judge, Hussein Yimer, passed the injunction over to the Bole District Title Deed Administration Transitional Period Service Project Office, on March 28, 2013. Read more