Government targets private firms
Publish date: 08 January 2018
Issue Number: 756
Diary: IBA Legalbrief Africa
Eritrea has temporarily shut down nearly 450 private businesses, the latest in a series of moves that has sent shock waves through the economy of the Red Sea nation. A report on the allAfrica site notes that the companies were accused of hoarding cash and ‘failing to do business through checks and other banking systems’. The Ministry of Information said most of the affected businesses operate in the hospitality sector and will remain closed for up to eight months.