28 May 2025 | 09:53
More than 7.7 billion Ethiopian birr (about $56 million) has disappeared, allegedly transferred from the Commercial Bank of Ethiopia’s internal account to individuals and businesses, sources told APA on Wednesday.
Employees of the bank, government officials and business have allegedly been involved in the transfer of 7,735,000,000 birr and more than half of which has been transferred to Kerchanshe Trading Plc, which is engaged in the export of coffee to the international market.
In March last year, CBE lost over six billion birr within hours due to fraudulence which the authorities said was due to a “system failure”.
Individuals involved in the alleged crime are said to have received up to 50 million Ethiopian birr.
A source informed APA that the police have been investigating alleged financial crime but those incriminated have not been arrested.
Neither the bank nor police have released an official statement in connection with the alleged illegal transfer.
The National Bank of Ethiopia has been introducing a range of regulatory measures to straighten irregularities in the sector.
MG/as/APA