Government continues to pay billions for fertiliser company that never was

Kenya: As at June 2011 Kenya’s soaring public debt included Sh3 billion owed to foreign banks on account of the Ken-Ren Chemical and Fertilizers Company Limited that was never constructed. 

At the time, the Government had already paid Sh2.4 billion for Kenren.  The balances of Sh974,728,657 and Sh2,019,577,803 were due to an Austrian bank, BAWAG, and a Belgium entity of DUCROIRE respectively.