METEC, which stands for Metals and Engineering Corporation, was set up in 2010. It is Ethiopia’s largest company, a military-run industrial corporation that has for years had significant influence in the economy. Though there has been some suspicion that the corporation was being used by government elites as a patronage it is in these past few days that it has become official.
Even though METEC’s mission was to improve Ethiopia’s engineering capacity through experimentation and foreign partnerships, failures on major projects have probably cost the government hundreds of millions of dollars. According to DW Amharic, the corruption of Ethiopia's state-owned Metals and Engineering Corporation (METEC) extends to maritime trade. Ambassador Suleiman Dedefo who was the Ambassador of Ethiopia in Djibouti at the time said that in 2012, METEC bought two out-of-service ships called Abay and Andinet from the government’s Ethiopian Shipping Logistics and Services Enterprise for $3.3 million to recycle and use them as scrap metal. But the ships stayed at the port for a year without being used and the Enterprise was forced to pay 5000 dollars per day for the port charge. It is said that later on, METEC may have used the ships for trading arms and other contraband between Iran and Somalia. After multiple illegal voyages, the corporation sold them for $2.6 million.