METEC (acronym for Metals and Engineering Corporation) is an Ethiopian arms and machinery industry founded in 2010.[2] Being the state largest military industrial complex, it is responsible for the production of military equipment and civilian products. METEC works with foreign companies such as Alstom from France, and Spire Corporation from America.[2]
METEC was once responsible for constructing the $4 billion Grand Ethiopian Renaissance Dam project on the River Nile, expected to be Africa's biggest hydroelectric project, but was ousted from the contract in August 2018.[3] Kinfe Dagnew, a Brigadier General in Ethiopia's army and former chief executive of METEC plays a significant role in the organization. The company was assigned development of Grand Ethiopian Renaissance Dam and sugar factory,[4] as well as the Jinka Sugar Bag factory.[5] On 12 November 2018, all assigned project canceled due to fail to complete, and government arrested Kinfe Dagnew, CEO of METEC, after a trial to escape through Sudan, where he was captured by Defence force. Kinfe Dagnew arrived in helicopter to Addis Ababa.[6] Many METEC officials were prosecuted for corruption on the project.[7]
Tax evasionedit
In April 2018, Kinfe Dagnew resigned the company after serving entire eight years, when Prime Minister Abiy Ahmed became head of the ruling party Ethiopian People's Revolutionary Democratic Front. The company remained unknown when it was operated by TPLF. In June, parliamentary committee found that METEC squandered hundreds of machinery products worthing 326.4 million dollars without study of the market.
Sources say that the Commercial Bank of Ethiopia squandered 2.8 million dollars without completion of sugar projects, and revealed the company borrowed 436 million dollars.
Kinfe Dagnew arrestedit
On 12 November 2018, the chief executive officer, Kinfe Dagnew was arrested by the Ethiopian National Defense Force after attempt for escape through Sudan border. He was founded with an empty briefcase believed to be illegally transporting goods. Shortly after hours, an Ethiopian Air Force helicopter dispatched from Debrezeit airbase brought Kinfe Dagnew to Addis Ababa. 40 of the company's officials were detained after they called for meeting in Imperial Hotel, Gerji, Addis Ababa. Some newspapers quoted that they were transferred to Addis Ababa Police Commission; then temporarily jailed by Federal Police.[8]
^ ab"Ethiopian Military-Run Company Seeks More Foreign Partners". Bloomberg.com. 18 February 2013.
^"Ethiopia says its security heads ordered an attack of the country's new prime minister". 13 November 2018.
^Yohanes Jemaneh (14 December 2016). "Omo Kuraz I Sugar Factory On Final Test-Run". allAfrica. The Ethiopian Herald. Retrieved 27 May 2023. (subscription required)
^"Ethiopia: Jinka Bag Factory Commenced Test Run".
^. www.ebc.et. Archived from the original on 15 November 2018. Retrieved 15 November 2018.
^"French company to supply turbines for Nile hydro-dam". Anadolu Agency. 2 January 2019. Retrieved 27 October 2020.
^"Ethiopia: Over 40 officials of corruption riddled METEC, members of intelligence under arrest – The Ethiopian Satellite Television and Radio (ESAT)". ethsat.com. Retrieved 16 November 2018.
External linksedit
Official website
April 12, 2024
metals, engineering, corporation, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, . This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Metals and Engineering Corporation news newspapers books scholar JSTOR December 2016 Learn how and when to remove this template message METEC acronym for Metals and Engineering Corporation is an Ethiopian arms and machinery industry founded in 2010 2 Being the state largest military industrial complex it is responsible for the production of military equipment and civilian products METEC works with foreign companies such as Alstom from France and Spire Corporation from America 2 Metals and Engineering CorporationNative nameብረታ ብረትና ኢንጂነሪንግ ኮርፖሬሽንCompany typeState owned enterpriseIndustryDefencemachineryautomotiveaviationFounded2010 14 years ago 2010 1 HeadquartersAddis Ababa EthiopiaArea servedAfrica and Middle EastProductsAmmunitionfirearmsartilleryagricultural machinerycarsaircraftRevenue1 2 billion dollarTotal assets2 13 billion dollarOwnerEthiopian governmentNumber of employees12 400 1 SubsidiariesHibret Manufacturing and Machine Building IndustryHomicho Ammunition Engineering ComplexGafat Armament Engineering ComplexBishoftu Automotive Engineering IndustryDejen Aviation Engineering IndustryWebsitewww metec gov et Contents 1 Controversy 1 1 Grand Ethiopian Renaissance Dam 1 2 Tax evasion 1 3 Kinfe Dagnew arrest 2 References 3 External linksControversy editGrand Ethiopian Renaissance Dam edit METEC was once responsible for constructing the 4 billion Grand Ethiopian Renaissance Dam project on the River Nile expected to be Africa s biggest hydroelectric project but was ousted from the contract in August 2018 3 Kinfe Dagnew a Brigadier General in Ethiopia s army and former chief executive of METEC plays a significant role in the organization The company was assigned development of Grand Ethiopian Renaissance Dam and sugar factory 4 as well as the Jinka Sugar Bag factory 5 On 12 November 2018 all assigned project canceled due to fail to complete and government arrested Kinfe Dagnew CEO of METEC after a trial to escape through Sudan where he was captured by Defence force Kinfe Dagnew arrived in helicopter to Addis Ababa 6 Many METEC officials were prosecuted for corruption on the project 7 Tax evasion edit In April 2018 Kinfe Dagnew resigned the company after serving entire eight years when Prime Minister Abiy Ahmed became head of the ruling party Ethiopian People s Revolutionary Democratic Front The company remained unknown when it was operated by TPLF In June parliamentary committee found that METEC squandered hundreds of machinery products worthing 326 4 million dollars without study of the market Sources say that the Commercial Bank of Ethiopia squandered 2 8 million dollars without completion of sugar projects and revealed the company borrowed 436 million dollars Kinfe Dagnew arrest edit On 12 November 2018 the chief executive officer Kinfe Dagnew was arrested by the Ethiopian National Defense Force after attempt for escape through Sudan border He was founded with an empty briefcase believed to be illegally transporting goods Shortly after hours an Ethiopian Air Force helicopter dispatched from Debrezeit airbase brought Kinfe Dagnew to Addis Ababa 40 of the company s officials were detained after they called for meeting in Imperial Hotel Gerji Addis Ababa Some newspapers quoted that they were transferred to Addis Ababa Police Commission then temporarily jailed by Federal Police 8 References edit a b Metal amp Engineering Corporation Addis Fortune a b Ethiopian Military Run Company Seeks More Foreign Partners Bloomberg com 18 February 2013 Ethiopia says its security heads ordered an attack of the country s new prime minister 13 November 2018 Yohanes Jemaneh 14 December 2016 Omo Kuraz I Sugar Factory On Final Test Run allAfrica The Ethiopian Herald Retrieved 27 May 2023 subscription required Ethiopia Jinka Bag Factory Commenced Test Run Police arrests former METEC Director General M General Kinfe Dagnew display page ebc www ebc et Archived from the original on 15 November 2018 Retrieved 15 November 2018 French company to supply turbines for Nile hydro dam Anadolu Agency 2 January 2019 Retrieved 27 October 2020 Ethiopia Over 40 officials of corruption riddled METEC members of intelligence under arrest The Ethiopian Satellite Television and Radio ESAT ethsat com Retrieved 16 November 2018 External links editOfficial website nbsp Retrieved from https en wikipedia org w index php title Metals and Engineering Corporation amp oldid 1157281929, wikipedia, wiki, book, books, library,
