Police Detain Suspects of Coop-Bank Robbery

Jan 5 , 2019


Police apprehended over 100 individuals suspected of an alleged robbery of 80 million Br from Cooperative Bank of Oromia’s cash transporting vehicle on December 28, 2018. The vehicle, patrolled by Chiro Town’s police officers in eastern Ethiopia, was robbed while transporting the cash to Addis Abeba. “The vehicle collected deposits from four branches in the town before it headed out to the capital,” says Belete Waqbeka, director of research and corporate communications process at the Bank, which registered a 523.4 million Br net profit in the last fiscal year. “Even if the mob was engaged in the robbery, very few individuals were the initiators,” he added. The Bank had the same experience in the unrest that happened in Jigjiga town of the Somali Regional State last August. When unrest broke out, the mob vandalised the Bank’s branch, leaving the Bank with 41 million Br in losses. “With continued unrest, it is becoming tough to move cash when branches hit deposit limits,” Belete told Fortune. The Bank, which has 298 branches, has pecuniary insurance coverage for all of its cash.


Radar

HEFTY GREEN

Street vendors around the Shola area take a rest in the shades of the capital's newly planted trees. Upon reporting on its 10-month performance before Parliament, the Agriculture Minister, Girma Amentie indicated that up to 43pc of the arable land in the country has been rendered acidic. This requires large amounts of limestone to be imported from abroad; the tight forex crunch has not allowed the Ministry of Finance to fund the endeavour easily. Following the rallying call of the Prime Minister...


Radar

DAMP DENIMS

Residents of communal houses around the Weji area hang their clothes on the fences outside. Textile manufacturing accounts for 87pc of Ethiopia's products from industrial parks. Expulsion from the African Growth & Opportunity Act (AGOA) due to the war in the North resulted in Ethiopia being expelled from the preferential trade act. Most companies choosing to rent sheds within the industrial parks do so out of a desire to access the duty-free privileges provided for African countries. Ethiopi...


Radar

PRICY PLEASURES

Vendors put traditional beauty products from the Somali Regional State for sale around Mexico area. In November of last year, the Ministry of Finance banned imported goods under 38 categories, including cosmetics, packed foods, and furniture, from accessing letters of credit. The move resulted in the tripling of costs for cosmetic items like lipstick and nail polish. As Ethiopia ran a 14 billion dollar merchandise trade deficit last year due to import bills hiking by 26pc , a tight clampdown on...