7 Indian employees of IL&FS Ethiopia held hostage by local workers over unpaid wages and pension

© Provided by Business Insider Inc 7 Indian employees of IL&FS Ethiopia held hostage by local workers over unpaid wages and pensi...

© Provided by Business Insider Inc 7 Indian employees of IL&FS Ethiopia held hostage by local workers over unpaid wages and pension

By BI India BureauBusiness Insider India

Ministry of External Affairs is going to instigate an investigation over seven employees being held hostage in IL&FS Ethiopia by local workers due to non-payment of salaries. Cash-strapped IL&FS hasn’t paid taxes and pensions to local workers for nine months. Some of the employees reported the matters on Twitter seeking the help of Indian government, politicians and Foreign MinistryIndia’s Foreign Ministry has called for an investigation into IL&FS Ethiopia after some of its expatriates claimed that they are being kept hostage by local staff owing to non-payment of salary by the cash-strapped firm. Seven Indian employees working at Infrastructure Leasing and Financial Services Ltd — which defaulted in payments of $12.6 billion — alleged that some of the local workers have detained them since 25 November. They are being held at three different sites in Oromia and Amhara states in Ethiopia, Bloomberg reported citing a letter by the employees addressed Indian and Spanish ambassadors.The problem at handThe issue seems to revolve around the fact that the IL&FS Group canceled some of the road projects which were supposed to be finished by its India-Spain joint venture. Their incompletion spread concern among the local workers according to the Indian employees. Even the Ethiopian police and local officials are empathetic towards the local employees. IL&FS Group’s local partner, Ethiopian Roads Authority, refused to take any action until the local workers are paid according to a tweet by Neeraj Raghuwanshi with a screenshot of email mail seeking help.

 The firm hasn’t paid both, taxes and the pension of local employees, for nine months because India’s central bank, the Reserve Bank of India, denied sending funds to help them out. The letter adds that following the non-payment, local authorities have kept the company’s employees hostage in an attempt to extort their salaries.Some employees, claiming that they work in IL&FS Ethiopia, took to Twitter seeking help from the Indian government.

 The Indian embassy in Ethiopia has been following the case and engaging with the local authorities as well as IL&FS management to ordain a solution. The Ministry of External Affairs in India is also looking into the matter.See also: The Reserve Bank of India just made it a lot easier for the country’s shadow banks to sell off their loansIndia’s largest infrastructure lender is selling its renewable energy assets to avoid defaulting on its debtsIndia’s securities regulator wants to develop India’s corporate bond market — so it has ordered large companies to raise at least 25% of their long-term debt from bond sales



COMMENTS

Name

Advice,3,Autos,20,Beauty & Style,14,Business,1,Career,4,Celebritys,75,Features,43,Fitness,1,Food & Drinks,15,Hair,7,Health,50,Home & Garden,10,Lifestyle,15,Money,17,Personal Finance,2,Photos,32,Relationships,17,Small Business,2,Success,1,Tech,10,Travel,38,Weight Loss,9,
ltr
item
Current News 360°: 7 Indian employees of IL&FS Ethiopia held hostage by local workers over unpaid wages and pension
7 Indian employees of IL&FS Ethiopia held hostage by local workers over unpaid wages and pension
https://2.bp.blogspot.com/-wrp6BQcDk7o/XAJDw31WRyI/AAAAAAAAQGA/cunKpxayi0Ynii7mVGtbcep_PiyC15NNwCLcBGAs/s1600/3.jpg
https://2.bp.blogspot.com/-wrp6BQcDk7o/XAJDw31WRyI/AAAAAAAAQGA/cunKpxayi0Ynii7mVGtbcep_PiyC15NNwCLcBGAs/s72-c/3.jpg
Current News 360°
https://www.currentnews360.com/2018/12/7-indian-employees-of-il-ethiopia-held.html
https://www.currentnews360.com/
https://www.currentnews360.com/
https://www.currentnews360.com/2018/12/7-indian-employees-of-il-ethiopia-held.html
true
4415956731294603241
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content