Large sums of money the previous government of Ethiopia collected from depositors for the construction of condominium houses have gone missing; a team of experts drawn from Kotebe Metropolitan University has announced.
The team was assigned by the Addis Ababa City Administration to conduct study on condominium houses with special focus on the total money deposited against expenditure for the construction of the condominium houses.
The study revealed that 53 billion birr has gone missing and no relevant document was found as to how the money was used, Dr. Tulu Tola leader of the expert team has said.
He said an allocated budget for the construction of 28 blocs each having 30 condominium houses was also lost.
The Addis Ababa Housing Development Corporation and other concerned offices cannot produce any document on how the 53 billion birr was spent.
The Addis Ababa City Administration late last month recovered over 21,000 illegally held condominium houses which were distributed in fraud to people who were not registered.