Libyan Embassy plot grabs 10 times the asking price


A foreclosed site of what was supposed to be the Libyan Embassy, has fetched quite a sum.
According to the auction notice issued by the Federal Court Judgment Execution Directorate the floor price for the bid stood at 19.05 million birr for a 4920 sqm plot. However, in the open auction last week, a potential buyer offered 205 million birr, according to sources who attended the process.
NKH Construction PLC said their client could not settle the payment for the project and sued at the Federal High Court to get its sum.
In the January 31, 2019 verdict the court ordered the embassy property at Nifas Silk Lafto Sub City around Bisrate Gabriel to be foreclosed to compensate the construction company.
Libya is well known for wealth primarily from oil but has been unstable since the removal of Muammar Gadaffi during the 2011 Arab spring. Currently the embassy, which is controlled by the internationally recognized administration based in the capital Tripoli, is located at the heart of the city around the National Bank of Ethiopia.
Ethiopia, which is the diplomatic capital of Africa, has provided plots in Addis Ababa for African countries for free to erect their embassies instead of having them lease private and public facilities.
Some of the countries have realized the project, while some of them are still under construction or in the process. Besides the plots the city administration has given street names to AU member countries.