17 Dec 2022 - Executive Committee

Dear members of the ARE Main discussion platform,

Warmest greetings.

The Access Real Estate Home Buyers Association (AREHBA) would like to give updates on the recent progress made to activate the Access Real Estate Share Company board. As you all know, the old board of ARE SC has been inactive for years after exposing home buyers to a loss.

So far, the Executive Committee for AREHBA has been making efforts to engage all parties, including the old ARE board, the Aklog group, and Ato Ermias Amelga. Despite all efforts, it is only Ato Ermias who has shown a willingness to come alongside us in finding a solution. We approached the old ARE board (by going to their office and writing a letter), yet the board was not found to be willing to give our association recognition. Same response was also given to us from Ato Aklog, who still claims to be a home buyer’s representative.

The next step taken by the EC was to approach the Ministry of Trade and Regional Integration, the government body responsible for oversight of share companies, and the following progress is made:

1. Due to efforts made by AREHBA, some shareholders of the Access Real Estate Share Company (ARE SC) owning a minimum of not less than 10% of ARE SC shares petitioned the Ministry of Trade and Regional Integration to call a general assembly of shareholders and elect a new board.
2. A meeting of the petitioners and some individuals who claimed to be members of the old Board was called by the Ministry of Trade and Regional Integration on 30 November 2022 at which Ato Aklog is reported to have been present. We heard that there was a hot debate between the shareholders who signed the petition on one side and two members of the old Board and Ato Aklog on the other side.
3. After the meeting, the Ministry of Trade and Regional Integration informed participants that it will follow the right procedure to soon call upon an “all shareholders meeting.”
4. The EC wants to emphasize to home buyers that the debate that took place at the Ministry of Trade and Regional Integration meeting is indicative of the need for AREHBA members to stand united and those who are only on this platform come forward and join the association.
5. The EC now knows the Aklog group is already trying to misinform some home buyers, as if the MoTI is not doing the right thing due to the intended “all shareholders meeting” - so that the expected change of board members cannot happen. They are making efforts to lead home buyers to the direction of opposing the current action by the MoRI and block the formation of a new board. They are also trying to find excuse by convincing home buyers that they "kept and safeguarded the ARE properties” and do not want now to handover to the new board that will be formed. After all these years, and when we home buyers now see some hope, they once again began opposing! But as an Executive Committee of AREHBA and members of the association, we are aware of and expected such reaction. The solution is to stand together and keep on fighting!
6. Once again, those of you on this platform and who have not yet joined AREHBA, we advise you to come forward and join the fight. It does no longer make sense to be an “observer”; after all, we all are home buyers who lost our properties, so what are we waiting for?
7. The EC is now closely following the next step at the Ministry of Trade and Regional Integration, and we are glad to know the Ministry will facilitate the election of a new board to manage ARE SC.
8. Finally, we would like to inform home buyers that we are currently trying to identify home buyers who are also shareholders at ARE. This is very important to us because there is no home buyer among those shareholders who signed the petition submitted to the Ministry. AREHBA needs to have shareholders who are also home buyers represent us on the new board that will be formed. We need everyone’s contribution in this effort, and we cannot emphasize enough how important it is that you must quickly come forward if you are a shareholder or know a home buyer who is a shareholder.

Best regards,

Executive Committee, AREHBA