Federal Judges Deny Bail Rights to an Official, a Businessman in MeTEC Probe

Judges at the Federal High Court of 10th Criminal Bench have denied the bail request of Assefa Yohannes (Col.), head of Ethiopia Power Engineering Industry of MetEC, who was suspected of grand corruption case. The Judges have granted police 10-days for further investigation.

Yohannes, who was represented by a public defender, was arrested on November 14, 2018, and was suspected of corruption in relation to the Tana Beles I Sugar Project.

Police claim that he gave the project to a Chinese firm for 49.9 million dollars but later amended the contract to 55.6 million dollars.

Police also said the Chinese company abounded the project, progressing 55pc and taking the full payment. This led the government to enter a contract with another company, worth 6.4 million dollars in an effort to finalise the project, according to Police.

The Judges also granted police a 10-day custody right in the investigation of Alem Fitsum, the managing director of Alemgenet Trade & Industry Plc.

Alem is suspected of alleged corruption and was arrested last Saturday.

He was suspected of selling Rivera Hotel and a Plastic Factory to MetEC at an overvalued amount, claim federal investigators.

Police claim Alem sold the two companies for 195 million Br while the agreement signed for the value of the companies was at 128 million Br.

Published on Nov 22,2018 [ Vol 19 ,No 969]



The Main Department for Immigration & Nationality Affairs Office ha...


Recent months have seen significant increase in the number of media pub...


Prime Minister Abiy Ahmed (PhD) has been busy this...


A novel way of avoiding a liquidity crunch and credits risks for banks...


No state can be peaceful and prosperous unless what constitutes it is p...


The sharpest differences of opinion can be over how conflicts can be ma...

View From Arada

Eritrea's financial system, antiquated by any modern standards, speaks...


Business Indicators


Editors Pick