Karuturi Demands Compensation From Ethiopia for Failed Land Deal

  • Company plans to exit country after allotment of land canceled
  • Karuturi among first foreign investors to lease Ethiopian land

(Bloomberg) --
By Nizar Manek, 21 September
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.
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