Legal news update

Leikun Berhanu found guilty | News

Leikun Berhanu found guilty | The Reporter News.

Leikun Berhanu, the veteran banker who had served as president of Awash International Bank, one of the pioneer private banks in the country, for more than 14 years was found guilty yesterday together with eight other former official of the bank by the Sixth Criminal Bench of the Federal First Instance Court at Arada. Leikun and the other eight defendants were charged for foreign currency mismanagement, following the National Bank of Ethiopia’s (NBE) decision to relieve the president of his post and a subsequent probe into the matter.

According to the investigation, the bank was found, in breach of NBE’s directive on foreign asset management, with holding in reserve USD 28.9 million (later revised down to USD 25 million),  which is in excess of the legal limit stated in directive, between December 2009 and January 2010.

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