The IL&FS hostage crisis in Ethiopia appeared far from over despite the distressed group on Monday transferring money to pay one month’s salary. The Indian expats held hostage were not released as the local workers are demanding that IL&FS Transportation Network Ltd-Elsamex clear dues for two months – October and November. When contacted, an IL&FS spokesperson refused to comment on the issue.Sources, however, said that efforts have been mounted to arrange funds at a war footing. On Friday, Exim Bank of India , which had assisted ITNL-Elsamex in the road projects, asked Commercial Bank of Ethiopia to came to the rescues of IL&FS.“Exim Bank is agreeable to permit the withdrawal from the accounts, after they are adequately funded, towards meeting immediate pressing dues, that is, payment of salary, statutory and local dues in Ethiopia. But the amount in the bank account was not sufficient with just around $230,000 at the end of November.

Source: Ethiopian News December 04, 2018 00:33 UTC