Addis Prefab Home Buyers Take Action


The homebuyers plans to held a demonstartion this week




Close to 200 Addis Prefab Home buyers assembled in early morning of December 31, 2016 to discuss ways to demand a speedy administrative decision after what they claim is a delayed response from the prime minister’s office over a land dispute with their former business partner.

The buyers claim that the Yemane G.Selasie, manager of Hosea Real Estate, located in Bole Beshale, Bole District, tricked them and broke their business partnership without their consent. The partnership between Addis Prefab Real Estate and Hosea Real Estate dates back in 2012 when the two decided to develop the houses.

Their meeting was held on 23,000sqm of barren land that had been planned as the site for the construction of the houses. It was held upon a special permission, backed by security officers from the federal police.

Since the declaration of state of emergency in October 2016, meetings are required to get a special permission from the Command Post.

Addis Prefab was established in February 2009, with an initial capital of 42.9 million Br. It was established by six co-founders: Gezahagn Yaineshet, Yoseph Asegedom, Fekeramaiam Alemu,Tigist Atenafu, Semayawit Geber Michael and Tesfaye Wobeshet. It had 863 people registered on its shareholder list by the end of 2013 and reached to a paid-up capital of 37 million Br. The company was operating in the real estate, manufacturing, and construction and trading sectors.

Despite all the aspirations and promises from the people behind the company no houses have been constructed or transferred to the buyers.

In 2012 Addis and Hosea, managed by Fekremaraim and Yemane, inked a deal to form a joint venture and to develop the houses on 23,000sqm plot of land while the Prefab contributed its lease right.

Addis also has the same agreement with Comet Real Estate, a company managed by Gebreselsie Hailemariam, Yemane’s father, who was involved in high profile corruption case. The plan was to develop houses in 30,000sqm of plot of land. The plot was then transferred to a land bank by city’s authorities and the plan was relinquished.

In the deal between Hosea and Addis, buyers claim that Hosea changed its mind and made a newspaper announcement that the document proving its lease right was lost.

“This was all done without our consent,” said Tewodros Seyum, general manger of Addis Prefab told Fortune.

“Once we realized what had happened we went to Bole district, then the Ministry of Urban Development & Housing, chaired by Mekuria Haile,” he said. The case has gone to the Prime Minister’s office in search of an amicable resolution.

After a discussion of possible solutions, those attending the meeting resolved to hold a peaceful demonstration on January 5. The homeowners also decided to open an office inside the plot that Hosea leased.

Yemane declined to comment on the issue since he is outside Ethiopia.

“If we get the green light we will definitely hold the demonstration,” said Tewodros.

In the mean time, the homebuyers claim that Yemane has already begun construction on the 23,000sqm plot. The plot is guarded by independent security services hired by the homebuyers and Yemane himself.

 

 



By DAWIT ENDESHAW
FORTUNE STAFF WRITER

Published on Jan 03,2017 [ Vol 17 ,No 870]


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