Related Articles
Top Stories
May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
Addis Ababa - Ethiopia's federal court denied bail on Friday for 27 suspects in a $17m fake gold scandal at the country's central bank.
The National Bank of Ethiopia was ordered to check all its gold deposits last week after a consignment of bars shipped to SA
was found to include gold-plated steel.
"The charge is too complex and involves a number of people in a criminal case that requires more time to investigate," the court in Addis Ababa said in its ruling.
"We have decided the suspects should remain in custody for a further 15 days. The case is adjourned until April 7."
The accused, who include 11 bank employees, were brought to the courtroom by armed police.
The other suspects are workers from the Geological Survey of Ethiopia, which was meant to test and certify the gold deposits, and businessmen thought to have profited from the scam. They are all charged with causing a $17m loss to the bank.
Thousands of artisanal miners in south and southeast Ethiopia extract alluvial gold, which is supposed to be checked by the Geological Survey before it is sold to the National Bank.
- Reuters