Formal Demand for Retraction, Correction, and Clarification of Defamatory Publication<\/p>\n
We write in connection with the article published in The Reporter, dated 7 March 2026 entitled \u201c Bank Capture: The Troubling Phenomenon Festering Beneath the Industry\u2019s Shiny Veneer.\u201d<\/em><\/p>\n 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\u2019s reputation, business standing, and credibility within the financial sector.<\/em><\/p>\n We categorically reject these allegations and hereby place on record the following:<\/em><\/p>\n 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. <\/em><\/p>\n 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. <\/em><\/p>\n 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.<\/em><\/p>\n 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. <\/em><\/p>\n 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\u2019s foreign exchange reserves, operational capacity, and revenue generation. Any characterization of this relationship as \u201cbank capture\u201d is misleading and constitutes a distortion of legitimate commercial activity.<\/em><\/p>\n The article\u2019s characterization of the company\u2019s 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.<\/em><\/p>\n 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.<\/em><\/p>\n Mulugeta Geleta, Deputy CEO, Jerr Plc<\/em><\/p>\n Editor\u2019s Note <\/em><\/p>\n Our story \u201cBank Capture: The Troubling Phenomenon Festering Beneath the Industry\u2019s Shiny Veneer,\u201d<\/em> 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.<\/p>\n \u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" 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 \u201c Bank Capture: The Troubling Phenomenon Festering Beneath the Industry\u2019s Shiny Veneer.\u201d The article contains multiple references to Jerr Plc, alleging or implying that our company is involved in […]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"editor_plus_copied_stylings":"{}","ngg_post_thumbnail":0,"footnotes":""},"categories":[1938],"tags":[],"class_list":{"0":"post-49766","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-letter-to-the-editor"},"acf":[],"_links":{"self":[{"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/posts\/49766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/comments?post=49766"}],"version-history":[{"count":0,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/posts\/49766\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/media?parent=49766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/categories?post=49766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thereporterethiopia.com\/wp-json\/wp\/v2\/tags?post=49766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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