Karuturi demands compensation from Ethiopia for failed land deal

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.

The company wrote a letter to Prime Minister Hailemariam Desalegn accusing the state of nationalizing its farming investments and said it should be given “adequate and appropriate” redress. The Sept. 20 letter was emailed to Bloomberg by Karuturi Managing Director Sai Ramakrishna Karuturi.

“We stand tired and defeated and wish to exit Ethiopia,” Karuturi said in the letter, citing a government decision to “unilaterally and illegally cancel our investment and trade license.” The company also asked Hailemariam to allow the company to re-export all its equipment.

Click here to read the complete article at www.bloomberg.com.

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