(Reuters) – Ethiopia’s federal court denied bail on Friday for 27 suspects in a $17 million 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 South Africa 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 $17 million 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. (Writing by Daniel Wallis)