Corruption Crack Down Nets More Suspects

Dec 29 , 2018


[ssba-buttons]

A total of 77 current and former officials in Oromia Regional State have been arrested over suspicion of corruption, and most of the suspects arrested have already appeared in court. The arrest over a week ago granted the Region’s Anti-Corruption Commission the right of custody. The suspects come from several offices and levels in the regional administration, which includes Oromia Credit & Saving Association, Oromia Procurement & Property Disposal Agency, the region’s roads authority, Gelan’s and Shashemene’s city administrations and Jimma zone. The arrests were made by forces from the Oromia Police Commission, based on the investigation conducted by the Oromia Anti-Corruption Commission in the past year, according to Abebe Kebede, the Commissioner. The investigations conducted by the Commission spanned nine branches, 10 files and involved the procurement of items in excess of 71 million Br in value, according to the Commissioner. Among the arrested were Mohammed Qasim, director of the region’s procurement agency, Mengistu Regassa, head of Bole Lemi Industrial Park, Teshome Legesse, head of Oromia Credit & Saving Association, and the mayors of Gelan and Shashemene.


Radar

Central Bank, Global Alliance Partner to Enhance Sustainable

The National Bank of Ethiopia (NBE) recently hosted a high-level meeting with representatives from the Global Alliance for Banking on Values (GABV) and selected member banks in anticipation of the 17th GABV Annual Meeting scheduled in Uganda. The meeting convened commercial bank representatives from Ethiopia, alongside a delegation comprising six GABV members, including Centenary Bank and Opportunity Bank Uganda, Amalgamated Bank, Sunrise Banks, City First Bank, and Merkur Cooperative Bank. G...


Radar

Commercial Bank of Ethiopia Adjusts Loan Interest Rates Amid Market Reforms

Commercial Bank of Ethiopia (CBE) has announced adjustments to its loan interest rates, effective March 7, 2025. Bank executives cited rising deposit mobilisation costs and the need to align with market standards as key factors influencing the decision, despite successful internal reforms that have reduced operational expenses. Executives noted that these adjustments are crucial for maintaining its competitive edge and ensuring the continued delivery of efficient services to its clientele. ...


Radar

Chemical Corp Posts Substantial Revenue, Profit Growth in 1Q

The state-owned Chemical Industry Corporation recorded a revenue of 2.53 billion Br in the first half of the 2024/2025 financial year. The Corporation reported a profit before tax of over half a billion Birr, which marks a considerable 182.6pc increase compared to the same period last year. Company officials attributed the growth result to enhanced market reach, effective cost-cutting measures, and optimisation of plant capacity utilisation. Year-on-year revenue growth was noted across variou...