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Two senior National Bank of Ethiopia (NBE) officials
were arrested last week in conjunction with the
phoney gold scandal that has been rocking the
financial institution regulator for three months
now. The latest arrests have increased the number of
officials apprehended from the Bank to six.
The Federal Ethics and Anticorruption Commission (FEAC),
which has been probing the swindling of millions of
Birr in public money, arrested Wasu Adem, head of
NBE's Treasury Department, and his deputy, Teklehana
Zeleke, on February 21, 2008. The Commission has
intensified its investigation so far detaining 21
suspects; four from the Ethiopian Geological Survey
and 11 businessmen accused of being primary
architects of the fraud as well as their alleged
accomplices.
Suspects earlier arrested from NBE include Ahmed
Seid, former Treasury Department head who was
recently moved to the International Banking
Department, and three staff of the Treasury
Department: Alemayehu Kassahun, Chimdesa Hirpa and
Fekadu Lulu.
A day after their arrest, Wasu and Teklehana on
February 22 appeared before the First Criminal Bench
of the Federal High Court, which placed them under
custody for 14 days of investigation. The Commission
told the Bench that the two had failed to execute
their responsibilities with due diligence forcing
the government to incur a huge loss.
The Bench denied the suspects' request for bail.
"We have been assisting the police in the
apprehension of suspects after the scandal was
uncovered," said Wasu and Teklehana. "If we are to
be probed as suspects of fraud involvement we
request our freedom to pursue the case out of
custody."
The Commission's investigator argued that the
gravity of their failure for caution outweighed
their cooperation for police.
"Though they may have assisted the police in
apprehending other suspects, we request their
detention, as their negligence is responsible for
the fraud in the first place," asserted the
investigator.
Gilded gold was found in NBE's vaults following a
random check the police made several weeks ago. The
swindle has cost the government over 158 million Br,
according to the commission.
"In accordance with the investigator's arguments, we
have found it legitimate to hold the suspects in
custody for investigation," said the Bench which
gave permission to investigate the suspects in
custody for 14 days.
The Court has been freezing various properties
belonging to the suspects and their alleged
accomplices in connection with the case.
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