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Ethiopia's national bank has been told to inspect all the gold in its vaults to determine its authenticity.
It follows the discovery that some of the "gold" it had bought for millions of dollars was gold-plated steel.
The first hint that something was wrong reportedly came when the Ethiopian central bank exported a consignment of gold bars to South Africa.
The South Africans sent them back, complaining that they had been sold gilded steel.
An investigation revealed that the bank had bought a consignment of fake gold from a supplier, who is now under arrest.
Other arrests followed, including business associates of the main accused; national bank officials; and chemists from the Geological Survey of Ethiopia, whose job it is to assay the bank's purchases of gold and certify that they are real.
But what has clearly now got the government even more worried is that another different batch of gold in the bank's vaults has also been found to be fake, and this time it was gold which had been there for several years, after being seized from smugglers trying to take it to Djibouti.
While the price of gold is going through the roof on world bullion markets, Ethiopia's central bank is anxiously checking the contents of its vaults to see just how much "fool's gold" is in there.
Addis Ababa, Ethiopia (AHN) - The mystery of gold gilded steel bars and Ethiopia's national bank is still unraveling. Bank officials were ordered by parliament's budget and finance committee to inspect all the gold in the national bank's vaults after two separate deposits of gold bars were found to be fake.
The initial problem was uncovered when the bank sent a consignment of 300 kilograms, 10,582.1886 ounces of presumably 999.9 percent pure gold to South Africa. That nation tested them and found them to be gold gilded steel counterfeits.
An investigation followed along with the arrests of some banking officials, the supplier the bank purchased the bars from, associates of the supplier and chemists from the Geological Survey of Ethiopia who assay gold bars and certify them genuine.
By March 3, 19 people had been arrested in the scheme that sold gilded gold to the nation's central bank, according to All Africa news.
However, after the bank was ordered to examine all its bars, the discovery was made that a 36-kilogram gold bar in the bank's vault purchased five years ago was also fake. Setting off an investigation as to whether the bars were fake when they were bought or had somehow been switched for real gold bars inside the bank's vaults.
Originally posted by FRIGHTENER
It feels like our money may as well be Monopoly money!
Originally posted by microsoft123
it doesnt make sense.
You would think the banks hired gold experts to check their purchases.
You would think they would check every ounce of the gold bought.
selling fake gold is one of the oldest crimes.