Commission orders re-investigation, Bank appoints new officials

The Federal Ethics and Anti Corruption Commission has ordered a re-investigation into the 38 kg steel material which was deposited at the National Bank of Ethiopia (NBE) as gold.

Some three years ago, airport security seized the 38 kg gold, which, according to sources from within the commission, was then taken by police to a local gold smith for verification.

This same material was then deposited at NBE and representatives from the Ministry of Finance and Economic Development, NBE and Police were present when the material was deposited.

It has now become a puzzling mystery as to where and when the “gold” was replaced.
An individual, who was tried in absentia in connection with the smuggling attempt, has also appeared in person after the discovery that NBE National Bank had some sort of steel rather than gold in its safe.

Whether this person is currently under custody is also another mystery, according to the sources in the anti-corruption commission.

The new twists to the case have forced the head of the watchdog institution, Ali Suleiman to order a re-investigation.

Ironically, 25 kg of gold and silver which was smuggled out of Ethiopia and seized in Dubai and later returned to Ethiopia has been verified as being genuine. This was also under the protection of the national bank.

In a related news, NBE has appointed new officials in place of the five who were arrested in connection with the gold fraud.

The officials who are in jail in connection with the fraud are Ahmed Seid, head of the Monitoring and Foreign Exchange Department, Alemayehu Kasahun, deputy of the Treasury Department, Fekadu Lulu, Chemdesa Hirpa, Fekadu Dafa, Wassu Adem and Teklehana Zeleke.

By a Staff Reporter