An Anatomy of Grand Fraud: The Goldenberg Scandal and the IMF/World Bank

Roman Grynberg () and Fwasa K. Singogo ()
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Roman Grynberg: University of Namibia
Fwasa K. Singogo: University of Namibia

Chapter Chapter 9 in African Gold, 2021, pp 279-313 from Springer

Abstract: Abstract The Goldenberg Scandal was Africa’s biggest and best known corruption scandal as it pertains to gold. This chapter highlights perhaps one of the most infamous episodes in how gold production and subsides were used as a mechanism to defraud the Kenyan state of hundreds of millions of US dollars. In the early 1990s, the Kenyan government paid what is an estimated US$ 600–1500 million in subsidies to a company and related officials and individuals who claimed to be exporting gold and diamonds that simply did not exist in Kenya. That so brazen a fraud could occur in a country that produced neither commodity in any significant quantity remains one of the true testimonies of the extent and degree of corruption that existed in Kenya at the time. It was a scandal that engulfed a large part of what was then the Kenyan political elite and is not widely known in African and gold circles. The scandal cost Kenyan taxpayers hundreds of millions of dollars, but despite a relatively thorough judicial inquiry no one was ever found guilty of any criminal or fraudulent activity.

Keywords: Goldenberg; Gold; Fraud (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-65995-0_9

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DOI: 10.1007/978-3-030-65995-0_9

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