The Goldenberg scandal was an alleged political scandal where the Kenyan government was found to have allegedly subsidised exports of gold far beyond standard arrangements during the 1990s, by paying the company Goldenberg International 35% more (in Kenyan shillings) than their foreign currency earnings. Although it notionally appears that the scheme was intended to earn hard currency for the country, it is estimated to have cost Kenya the equivalent of more than 10% of the country's annual Gross Domestic Product, and it is possible that no or minimal amounts of gold were actually exported. The scandal appears to have involved political corruption at the highest levels of the government of Daniel Arap Moi. Officials in the current government of Mwai Kibaki have also been implicated.
Read more about Goldenberg Scandal: Background, Details, Bosire Report, Prosecutions
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