Benshangul Gumuz regional state investment Board announced that investment licenses of 102 investors who have received land for agriculture, incense and resin production is canceled.
The license of the investors is canceled due to the delay to engage in the business the.
The regional government also issued a warning letter to other 164 investors.
More than 600 investors are engaged in Agricultural investments including incense and resin production, Issak Abdulkadir, Head of Benishangul Gumuz Regional Bureau of Forestry and Land Administration told EBC.
The regional investment board passed a decision to cancel the investment license of 102 investors who have received a total of 62 thousand hectares of land but didn’t use for the intended purpose, he added.
Legal measures are taken on three investors who used a fake bank statement received one thousand hectares and illegally produce charcoal damaging the forest.
Besides the board has also decided to revoke agreements with 14 investors who received large plots for the production of incense and resin.
Financial firms should take legal measures on 113 investors who have received more than 1.1 billion birr loans and didn’t return on time, said Issak.