In a recent development, BGI Ethiopia and Purpose Black have reached an agreement through court mediation, resolving their ongoing dispute. The Federal High Court approved the settlement, leading to the closure of the case and the lifting of a previously imposed ban.
BGI cited logistical and water supply challenges as reasons for initially seeking to sell the Mexico facility. Purpose Black, a relatively new company, had ambitious plans to transform the site into a major development project, including a 115-story skyscraper named Ke’Geberew Tower. According to a statement released by BGI Ethiopia, the agreement involves the company returning a loan payment to Purpose Black. However, the sale of BGI Ethiopia’s headquarters and factory in Mexico to Purpose Black fell through. Purpose Black subsequently filed a lawsuit against BGI Ethiopia when the sale process was halted. As a result, a ban was placed on BGI Ethiopia’s account that received the loan payment.
Previously, Negotiations that began in June 2023 and continued for over eight months ultimately failed to reach a successful conclusion. The new agreement resolves these issues. BGI Ethiopia has returned the loan payment, and the court case and associated ban have been lifted.
Source (including image): Sheger FM 102.1
Image source: Sheger FM
