Gold Fraud - the Goldenberg Scam That Cost Kenya Billions of Dollars in the 1990s - and No One Was Jailed TC_Africa: Kenya
The scandal centred on two companies: Goldenberg International and Exchange Bank Limited. Both were owned and directed by businessman
and his partner James Kanyotu, the director of intelligence in the Kenyan police force. The two were licensed by the government to export gold and diamonds from Kenya. But they did not. They just collected an inflated subsidy.in Kenya in the early 1990s. The country's economy was characterised by long periods of macroeconomic instability and dwindling foreign reserves.
Economic policy was inward-looking. It leaned towards the protection of local industries and the retention of foreign exchange. This period also coincided with theAs a result, donors gradually reduced support and investment evaporated. Foreign debt payments became irregular and the government increasingly fell back on local borrowing.
The Kenyan government turned to international financial institutions for cheaper loans. These were provided, but were conditional onCoincidentally, or otherwise, Goldenberg International applied to the Kenyan government infor certain privileges that spoke directly to the economic needs of the country. The company received a monopoly on exports of gold and diamonds from Kenya.
It was also given a subsidy of 35% of the value of these exports - 15% more than the official rate at the time.
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