Access Capital Back On The Scene While Ermias Decided To Give Up His Position As A Chairman

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After three years of silence, the contentious Access Capital Services S.C. has voted for the embattled Ermias Amelga to continue as a board chairman of the company. The move comes a year and a half after the Board of Directors of Access Real Estate had removed him from the same position.

Ermias, who is also the CEO of Access Capital, decided to give up his position as a Chairman during the meeting, shareholders who have attended the meeting told Fortune.

The mood at last week’s shareholders’ meeting, held in the presence of 48pc of the over 100 shareholders, was one of anger and revolt against Ermias, these shareholders disclosed.

The shareholders’ meeting was unlike other share companies. It was more of low-key, with attendants required to check in, and present identification documents before admitted to attending the meeting. The press was not invited to be part of the meeting. Attempts by this newspaper to cover the meeting was frustrated by the board of directors.

Ermias was repeatedly trying to cool angry shareholders down, who were adamant in raising tough questions while he was presenting a report of the company.

Ermias reported that the company holds assets valued at around 126.5 million Br, a shareholder told Fortune. But, the figure might be higher after an audit is conducted, Ermias reportedly said.

This figure cannot reflect the real value of the company, according to Ermias, who believes the company owns hundreds of millions of Birr in assets.

Unhappy with the state of performance of the company, shareholders have assigned the newly elected board last week to hire an audit firm and come up with an audited report to the next annual meeting, which is likely to be held next year.

Some shareholders, however, choose to remain optimistic after the meeting.

Read The Full Story On: Fortune