Addis Ababa, July 21, 2020 (FBC) – Ministry of Trade and Industry has taken legal actions against business people accountable for involving in illegal exports and concealing agricultural export commodities.
The exporters punished by the ministry have allegedly bought agricultural products traded by Ethiopian Exchange Commodity like Sesame, White Kidney Bean and Soybean above the price of the international market thereby disrupted the commercial system.
The penalty impose on the fraudulent exporters includes being suspended from trading to revoking the business license besides applying other legal processes, Misganu explained.
After conducting trade intelligence activities jointly with Custom Commission and tracing fraudulent doings, the ministry has taken administrative measures against exporters who have stocked agricultural products in illegal manner, State Minister Misganu Arega said.
The Ministry has brought the confiscated agricultural products to the Ethiopian Commodity Exchange System, he noted.
Misganu disclosed that the Ministry has canceled licenses of 10 exporters found guilty of concealing more than 5,500 ton of Red Kidney Bean, and suspended trade permits of 59 exporters who exported products illegally for three months.
In collaboration with federal and regional custom authorities and ministry of foreign affairs, Ministry of Trade and Industry has brought 374,514 ton of Sesame, White and Red Kidney Bean, Soybean, and Mung Bean to regular trading system, Misganu stated.