Awash Bank holds election - Results to be announced Monday
Capital Ethiopia - December 17, 2007

Unable to stop petitioners’ challenge of his reelection to the board chairmanship of Awash International Bank, Hambissa Wakwaya was at the Sheraton Addis on Saturday, December 15, 2007, speaking to shareholders. He was seen taking a more conciliatory approach, and abandoning his combativeness observed in the past eight months. He and seven others (a.k.a G8) elected to the Board in April 2007, including Brehane Abate (seated next), have tried to stop the external auditor, A. A. Bromhead & Co., from calling an extraordinary meeting of shareholders, taking the case to court alleging that the auditor has no authority to set the agenda for the meeting ... Source: Addis Fortune

It is to be recalled that a controversy had erupted over the manner in which the board of directors of Awash Bank were elected by the 12th ordinary general meeting of shareholders held on April 21, 2007.

The National Bank of Ethiopia, which regulates banking in the country, had rejected the elected board, citing procedural issues among others. Accordingly, a public notice for a general meeting was called and convened Saturday December 15, 2007 at the Sheraton Addis.

At least 20% of the Awash Banks shareholders had petitioned for a meeting to be called under the auspices of A.A. Bromhead and Co. Chartered Accountants and Auditors of the bank, but the elected board had the meeting banned by court order.

Subsequently, the court reversed their decision in favor of the petitioners thereby making yesterday’s meeting possible.

The agenda of the Ordinary General Meeting was mainly to reelect a board of directors. In this regard 36 individuals and entities were nominated for the 12 positions on the board during a marathon meeting attended by 75.6% of shareholders. The meeting started at 9:00 am and was still in progress as Capital went to press. However, Capital was able to learn that the identities of the new members of the board will be announced on Monday December 17, 2007 ...