The Audit Service Corporation, a state-owned enterprise (SOE) in charge of auditing other SOEs, reveals that 65 billion birr disappeared over ten years at the former Metals and Engineering Corporation (MetEC). The Federal government has agreed to write off the losses from the state-owned enterprise’s records.
Funds were withdrawn without accounting, embezzled through various schemes, and divided among former MetEC managers. The Ethio-Engineering Group (EEG), formerly MetEC, requested the losses be written off, a request the government accepted.
The recent audit uncovered idle properties, leading to plans for auctioning them to benefit EEG. Recent arrests and the conviction of a former MetEC director highlight the ongoing issue.
The Audit Service Corporation continues its audit, examining MetEC’s books from 2019 to the present.