MOFED, Calub Gas discuss liquidation

General shareholders meeting postponed 

By Tamiru Geda

 Representatives of the Ministry of Finance and Economic Development and Calub Gas Sh. Co. met to discuss the legal and commercial aspects of the Calub Gas share company, which is to be dissolved as decided by the Council of Ministers.
According to the information obtained from the Calub gas, as the share company has a legal entity, the company should be dissolved through the proper legal procedure according to the Ethiopian Commercial Code. The legal department of MOFED is said to be paying attention to the liquidation procedures before it discloses anything to the 450 shareholders. Consideration of the legal issues caused the postponement of the shareholders meeting that was scheduled for January 24, 2004 to January 31, 2004.
In related news, Sufian Ahmed, Minister of Finance and Economic Development informed board members of Calub Gas that the company will be liquidated as per the decision of the Council of Ministers and shareholders would get back their money.
The shareholders, particularly those who represent the private sector representing 5% of the company stock do not welcome this announcement, say our sources.
According to Ato Samuel Sultan, representative of the private shareholders and member of the board of Calub Gas, members of private shareholders are organizing themselves to submit a formal complaint describing their feelings and grievances with regards to what they believe as being excluded from the partnership of the development of the gas project, to Prime Minister Meles and cabinet ministers concerned with the issue.
“We are very disappointed by the measure taken that excludes us from the game,” said Samuel. He also expressed his confidence that something positive would come out from the concerned government officials, for the private shareholders.
MOFED owns the lion share representing around 95% of the shares.