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The Board of Awash International Bank (AIB) sent on forced leave Mitiku
Abeshu, its vice president for international banking
for an alleged misdemeanor related to handling
letters of credit (LC); 10 other employees holding
different positions have also been affected by
similar decisions.
The allegation is that when people came to open LCs at the bank to get
foreign currency, the vice president and the 10
other employees had been appropriating 10pc of the
money for themselves.
Established in 1994 with a capital of 24.2 million Br and 486 founding
members as the first private bank since the
Ethiopian People’s Revolutionary Democratic Front (EPRDF)
came to power in 1991, AIB now has a capital of 434
million Br and 2,700 shares.
The bank has now established a committee under Tsehay Shiferaw, vice
president of Credit and Risk Management also a vice
president, to investigate the case. Tsehay has now
also assumed Mitiku’s role in the International
Banking Department.
“We will decide what we will do once the investigation is over,” said
Lekun Brehanu, president of the bank. |
Money was allegedly taken from customers’ letters of credit