Fake fears over Ethiopia’s gold – By Elizabeth Blunt, BBC News

March 13th, 2008 Print Print Email Email

Ethiopia’s national bank has been told to inspect all the gold in its vaults to determine its authenticity.

It follows the discovery that some of the “gold” it had brought for millions of dollars was gold-plated steel. (more…)

Ethiopia’s national bank has been told to inspect all the gold in its vaults to determine its authenticity.

It follows the discovery that some of the “gold” it had brought for millions of dollars was gold-plated steel.

The first hint that something was wrong reportedly came when the Ethiopian central bank exported a consignment of gold bars to South Africa.

The South Africans sent them back, complaining they had been sold gilded steel.

An investigation revealed that the bank had brought a consignment of fake gold from a supplier, who is now under arrest.

Other arrests followed, including business associates of the main accused; national bank officials; and chemists from the Geological Survey of Ethiopia, whose job it is to assay the banks purchases of gold and certify that they are real.

But what has clearly now got the government even more worried is that another different batch of gold in the bank’s vaults has also been found to be fake, and this time it was gold which had been there for several years, after being seized from smugglers trying to take it to Djibouti.

Mining

The Ethiopian parliament’s budget and finance committee ordered the inspection of all gold in the national bank’s vaults.

A report from the auditor-general on the affair is expected to be presented to parliament during its current session.

Gold is mined in Ethiopia in considerable quantities, and a trader selling gold to the central bank has to have it tested and certified by the Geological Survey.

Whether the bank bought fake gold in the first place, or whether real gold from the vaults has been swapped for gilded steel, the fraud has cost the bank many millions of dollars, and it must have involved collusion on a considerable scale.

  1. Michael
    | #1

    It is TPLF Woyane trying to deflect blame. They own the Bank, they hire the Manager, they decide everything. The real gold is converted to Dollar and Euro and invested for future retirement of Meles and company. They will blame some hapless underling (preferebly a political opponent)for the famous ‘musena’ and send him to Kaliti. Hope it will be Bereket or Addisus turn to visit Kaliti.

  2. Damitew
    | #2

    yeleba ayene derek meliso leb yaderk

  3. Wase Lehagere
    | #3

    What has happened in Ethiopia with regard to the gold debacle is merely a small indication of the vast corruption that is being perpetrated by the TPLF regime. It is well known that there are over 35 TPLF owned companies that operate without paying any tax and competing with legitimate private companies in a grossly unfair manner.

    As usual, the so-called justice system is unlikely to bring the top level criminals in the gold case to book.

    If there were any justice and sense of responsibility, the Prime Minister should have had the decency to resign in the face of such a blatant corruption.

  4. gubena
    | #4

    nobody come to still gold this is arrangement to make crises may the real gold been taken before by hiring his own ring leaders in the people property
    tell him who tress you to report the fake gold. when the insiders are themself
    God bless Ethiopia one day justices will revel

  5. fish
    | #5

    why the former national bank manager killed

  6. Facts,
    | #6

    Weyane(State Robbery) plundered:
    1. business(Meles and Co.) with out TAX. billion aid packages
    3. Not only gold our precious minerals!
    4. our identity
    5. our Cultur
    6. our History
    7. our territorial integrity
    usw
    Wegen tenesa!
    Men tetebeqaleh?
    God Bless Ethiopia!

  7. | #7

    Shame on u all Government members.

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