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

摘要

This article considers the largest documented ‘gold’ fraud on the African continent to this day [1] . The scheme involved, Goldenberg International Limited that would ‘export gold and diamonds fictitiously’ in exchange for substantial subsidies from the government for ‘earning’ foreign exchange. This constitutes an important case study of the interaction between the creation of a partially liberalized trade and exchange rate policy environment in Kenya and the deeply embedded culture of corruption in the country that was the cause in effect of the GIL scandal.