Ethiopia’s ministry of trade and industry has sent warning letters to the country’s major sesame exporters urging them to desist from under-invoicing.

Copies of the letter were also sent to the National Bank of Ethiopia, Ministry of Revenues, Office of the Attorney General and the Ethiopian Commodity Exchange.

Stern warning

State minister for trade and industry, Misganu Arega, sent a letter to the exporters warning that those found under-invoicing could have their business licences revoked and face legal action.

Continuous calls from the business community urging the ministry to regulate the export sector, which suffers from widespread unlawful practices and maladministration, triggered the ministry’s action according to Misganu.

The minister has suggested that trade-based financial crime is on the increase and the ministry is alarmed at continually declining export revenues

Suspect exporters

The letters were sent to exporters suspected of engaging in under-invoicing, according to Misganu.

“In the letter sent to the exporters, we’ve specified on which date and by how much they under-invoiced their export values,” Misganu told local media.

Categories: Trade Based Financial crimes News