IL&FS said it was trying to remit funds since November 16. Sources said Axis Bank was to take approvals which were delayed, resulting in the crisis.More clarity will emerge this week as Indian authorities are in talks with the Ethiopian government. One of the issues facing the company is that only the Ambo Woliso project has been terminated, while the Nekemte Bure Lot 1 and Lot 3 projects have not been officially cancelled. In the absence of termination, ITNL Elsamex cannot pay severance pay to Ethiopian employees. "IL&FS has been making all efforts to ensure safe return of its employees," the company's statement said.

Source: Ethiopian News December 02, 2018 22:07 UTC