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Land owned by METEC has been bought back with 1 billion birr

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Land owned by METEC has been snatched METEC has, since its inception, been run by TPLF army generals who are accused of high level corruption and embezzlement.

METEC found itself in hot water after failing to construct and deliver ten government sugar factories worth 3 billion dollars, even after it had received payments.

ESAT sources at the Commercial Bank of Ethiopia revealed in June that the government’s sugar Sugar Corporation squandered 2.8 Billion dollars without completing any of it sugar projects. Sources at the Bank also revealed METEC has borrowed about 436 Million dollars.

According to The Reporter, the about 40 officials of METEC and members of the intelligence were detained after they were called for a meeting in one of the corporation’s office buildings in the area locally known as Gerji, near the Imperial Hotel.

The Newspaper, quoting its sources, said the officials and intelligence officers have been transferred to the headquarters of the Addis Ababa Police Commission, which doubles as a temporary jail for the Federal Police.

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