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.
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