How two laws made biggest financial rip off possible

The Goldenberg scandal saw the Government have subsidised exports of gold far beyond standard arrangements during the 1990s, by paying the company, Goldenberg International, 35 per cent more (in Kenya shillings) for their foreign currency earnings.

Although it notionally appears the scheme was intended to earn hard currency for the country, it is estimated to have cost Kenya the equivalent of more than 10 per cent of the country’s annual Gross Domestic Product and it is possible that no or minimal amounts of gold were actually exported.