Formal Demand for Retraction, Correction, and Clarification of Defamatory Publication
We write in connection with the article published in The Reporter, dated 7 March 2026 entitled “ Bank Capture: The Troubling Phenomenon Festering Beneath the Industry’s Shiny Veneer.”
The article contains multiple references to Jerr Plc, alleging or implying that our company is involved in activities constituting risk, malpractice, and undue influence within Amhara Bank S.C. These statements are false, misleading, and defamatory, and have caused, and continue to cause, serious harm to our company’s reputation, business standing, and credibility within the financial sector.
We categorically reject these allegations and hereby place on record the following:
- False Allegations Regarding Loan Security
Any assertion that Jerr Plc has obtained unsecured or inadequately secured loans is entirely false. All credit facilities extended to our company are supported by substantial collateral, including two fully owned manufacturing facilities in Debre Birhan and Bishefitu along with a high-rise commercial building in capital city Addis Ababa. These assets significantly exceed the value required to secure the facilities in question. Furthermore, Jerr Plc is in full compliance with its repayment obligations, and no default or recovery concern exists so far.
- Material Misstatement of Financial Exposure
The reported loan exposure attributed to Jerr Plc is grossly inaccurate and materially overstated. This misrepresentation reflects either a failure of due diligence or reliance on unreliable and biased sources. Such inaccuracies have directly contributed to reputational damage.
- Baseless Allegations of Improper Conduct
The suggestion that Jerr Plc has engaged in improper practices, including the transfer of debt to affiliated entities, is wholly unfounded and without factual basis. No such transactions have occurred within Amhara Bank S.C. or any other financial institution.
- Established Reputation and Compliance Record
Jerr Plc maintains longstanding and reputable relationships with multiple financial institutions and has consistently operated in full compliance with applicable banking regulations and internal policies. At no point has the company been subject to reputational or regulatory sanction in one way or either.
- Significant Contribution to Foreign Currency Generation
Over the past few months, Jerr Plc has repatriated exceeding USD 32 million in export proceeds only through Amhara Bank S.C. These transactions were conducted transparently and in good faith, contributing significantly to the Bank’s foreign exchange reserves, operational capacity, and revenue generation. Any characterization of this relationship as “bank capture” is misleading and constitutes a distortion of legitimate commercial activity.
- Strong Financial Position
The article’s characterization of the company’s financial standing is inaccurate. For the most recent financial year, Jerr Plc paid approximately Birr 283 million in taxes, demonstrating robust financial health, transparency, and compliance with national laws.
In light of the foregoing, it is evident that the publication relied on unverified, inaccurate, and potentially malicious information, resulting in substantial reputational harm to Jerr Plc.
Mulugeta Geleta, Deputy CEO, Jerr Plc
Editor’s Note
Our story “Bank Capture: The Troubling Phenomenon Festering Beneath the Industry’s Shiny Veneer,” was published based on thorough investigative works and after cross-checking of every data. Figures and companies are mentioned based on concrete documented evidences obtained and cross-checked with the bank.