Calls to end Africa's 'horrific' land deals after Indian firm's fallout
- Reuters
- 28 Nov 2017
Sai Ramakrishna Karuturi tells Reuters that the governments of India and Ethiopia are working to “amicably resolve outstanding Karuturi issues”.
Sai Ramakrishna Karuturi tells Reuters that the governments of India and Ethiopia are working to “amicably resolve outstanding Karuturi issues”.
High Court says Karuturi's Honorary Consul of Ethiopia status does not provide immunity from tax authorities and says he violated the sanctity of the consulate by carrying on his other business activities on the premises.
ICICI Bank has put Naivasha-based Karuturi Ltd up for sale over a disputed Sh4 billion loan. The planned sale could mark the end for the erstwhile world’s largest rose flower producer.
Claiming to have made an investment of US$75M and created 4000 jobs, Karuturi is not only appealing for the release or re-export of its properties but to sue Ethiopian officials hereferred to as “responsible” for violations of rights of a foreign entity.
La multinationale annonce son intention de sortir du pays suite à l’annulation de son allocation de terres. Karuturi est l’un des premiers investisseurs étrangers à louer des terres en Éthiopie.
Karuturi Global Ltd., an Indian flower grower, demanded compensation from the Ethiopian government for a series of failed land deals as it prepares to exit the Horn of Africa nation.
La empresa planea salir del país después de que se cancelara su asignación de tierras. Karuturi fue uno de los primeros inversores extranjeros en arrendar tierras en Etiopía.
A Naivasha company has sued the cash-strapped flower firm Twiga Roses, formerly Karuturi Limited, seeking to eject it from its land over unpaid land rent and illegal acquisition.
Kenya's Court of Appeal has opened the door for Indian bank ICICI to revive its plans to sell Karuturi’s land in Naivasha valued at $80 million to recover loans extended to the flower firm
Three years later after going into receivership, hopes of revival are a withering prospect and hundreds of families that once formed a thriving community revolving around the Naivasha-based company are living in squalor.
The process of selling off the largest flower farm in Naivasha, Karuturi, has kicked off, with a new liquidator moving in.
Kenya's High Court has given creditors of the collapsed Karuturi Limited a go-ahead to begin the winding up of the once vibrant flower firm.
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