Liability and Asset Management Corporation Establishment Council of Ministers Regulations No. 483-2021

Council of Ministers Regulation No. 483/2021

COUNCIL OF MINISTERS REGULATIONS OF LIABILITY AND ASSET MANANGEMENT CORPORATION

This Regulation is issued by the Council of Ministers pursuant to Article 5 of the Definition of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation No. 1097/2018 and Article 47 (1) (a) of the Public Enterprises Proclamation No. 25/1992.

PART ONE

GENERAL

1. Short Title

This Regulation may be cited as “Liability and Asset Management Corporation Establishment Council of Ministers Regulations No.483/2021.

2. Establishment

a/ There hereby is established Liability and Asset Management Corporation (hereinafter the “Corporation”) as a public enterprise.

b/ The Corporation shall be governed by the Public Enterprises Proclamation No. 25/1992.

3. Supervising Authority

4. The Ministry of Finance shall be the supervising authority of the Corporation.

The Corporation shall have its head office in Addis Ababa and may have branch offices elsewhere, as may be necessary.

5. Objective

The objectives of the Corporation are the following:

1 / Takeover the liabilities of public enterprises as per the list it receives from the Ministry of Finance and service such debt using capital to be allocated from the Industrial Development Fund, revenue generated from its business activities and other resources that may become available to it;

2/ Takeover the residual assets and liabilities of public enterprises that are being partially or whole privatized or the liquidation of public enterprises upon their dissolution;

3/ Invest the capital injected by the Government for debt service payment of public enterprises and other resources until it is used for repayment of such loan;

4/ Render debt collection and management services to other creditors;

5/ Takeover and manage public assets that may be assigned to it by the Government;

6/ Transform property of public enterprises that are not put in use into income generating ventures;

7/ Engage in other related activities necessary for the attainment of its objectives

6. Capital

The authorized capital of the Corporation is Birr 570,000,000,000 (five hundred seventy billion) of which Birr 142,000,000,000,000 (one hundred forty two billion Birr) is paid up in cash and in kind

7. Liability

The Corporation shall not be liable beyond its total assets.

8. Duration

The Corporation is established for an indefinite duration .

9. Effective Date

This Regulation shall enter into force on the date of publication in the Federal Negarit Gazette.

ABIY AHMED (DR.) PRIME MINISTER OF THE FEDERAL

DEMOCRATIC REPUBLIC OF ETHIOPIA

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