METEC Accused of Embezzling Billions from GERD ProjectBy Staff ReporterSeptember 6, 2018 - Over eight billion birr has been embezzled from the Grand Ethiopian Renaissance Dam (GERD) project by Ethiopian Metals and Engineering Corporation (METEC), a senior Ethiopian official has confirmed. Dr. Abrham Belay said METEC has received 16.79 billion Birr in payments out of the agreed 25.58 billion Birr for the less than 30 percent job performed. According to the newly appointed CEO of EEP, the 16.79 billion Birr should have been paid when more than 65 percent electro-mechanical job has been completed. Abrham said METEC had received more than 8 billion Birr in payments for electro-mechanical work that has not been performed. The payment has seen an 80 million Birr increase, six percent higher compared to the actual payment for the work done to date.

Source: Ethiopian News September 07, 2018 03:11 UTC