Ex-Electric Power CEO Faces Corruption Charge

Azeb Asnake, the former CEO of Ethiopian Electric Power (EEP)


Ex-Electric Power CEO Faces Corruption Charge

Federal prosecutors charged Azeb Asnake, the former CEO of Ethiopian Electric Power (EEP), with alleged corruption involving 5.2 billion Br. Azeb was charged with 49 individuals from the Metals & Engineering Corporation (MetEC) and the EEP. Mulu Woldegebriel (Col.), former deputy director-general of the Corporation, is also a co-defendant. The charge filed on December 27, 2019, states that the EEP signed a 5.2 billion Br agreement with MetEC on November 26, 2014, for 123,189ha of forest clearing for the under-construction Great Ethiopian Renaissance Dam (GERD). The project should have been delivered in 720 days, but it only progressed 30pc during the contract delivery period, according to the charge. It also states that the defendants allegedly amended an article to make a half a billion Birr down payment from MetEC before signing the contractual agreement. "The officials intentionally delayed the contract in a way that seemed to be done to cost the government one billion Br," the charge reads. Azeb departed EEP on August 2018.

[ssba-buttons]

Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...