Proposed Shipping CEO Loses Position

His departure came weeks after his position at Shpping Enterprise

The PM office has shifted Yacob Yalla from his proposed position as the CEO of Ethiopian Shipping Lines & Logistics Service Enterprise (ESLLSE) to the directorship of the Ethiopian Horticulture Development Corporation.

His removal surfaced this week when he failed to appear at the ESLLSE office. He did not visit the office all week, according to staff members of the Enterprise.

Yacob, who was also minister of Trade last year, assumed the position of CEO after the departure of Ahmed Tusa, who moved to the Oromia Regional State Revenues & Customs Authority.

According to a senior official at the Enterprise, Mesfin Tefera, deputy CEO for the Maritime and Transit department of the Enterprise will remain as the acting CEO.

However sources close to the case have told Fortune that Yacob’s departure is related to the recent attempts of a Chinese company, China Merchant, to acquire a half share of the Ethiopian government’s stocks in the Enterprise.

ESLLSE is accountable to a board chaired by Ahmed Shide, the Minister of Transport.

“I have no information on either of these appointments,” said Yacob.

Management staff in the Enterprise told Fortune that upon Yacob’s proposal as CEO, he was frequently seen at the Enterprise. However, he was transferred out of the Enterprise before having a chance to officially meet the staff and begin work.

The Enterprise, named as the Ethiopian Shipping Lines (ESL), launched its operations half century ago as Ethiopian Imperial Shipping Company, with a fleet of three vessels. Last year, the company called on 260 ports, operating 11 vessels and chartering slots, and lifting 1.4 million tons of cargoes, mainly from Far East routes, as well as Middle East and the Indian sub-continent.

Five years ago, the government decided to amalgamate operations of shipping, maritime and transit, dry ports as well as the Commerce Transport S.C., which was added later during Ahmed’s tenure.

In its latest report, the Enterprise has declared revenues of 16.5 billion Br, registering a net profit of 1.29 billion Br.




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



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