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The Goldenberg scandal is Kenya's biggest documented gold fraud. Now, one of the businessmen who was linked to the scheme but ultimately acquitted, was recently named in a new investigation into gold fraud allegedly run through Zimbabwe. Economists Roman Grynberg and Fwasa Singogo unpack the issue. For more financial news, go to the News24 Business front page. The Goldenberg scandal in the early 1990s is Kenya’s largest documented gold fraud.
The Goldenberg scandal in the early 1990s is Kenya’s largest documented gold fraud. The scheme involved Goldenberg International Limited, which pretended to export gold and diamonds, and in exchange received substantial subsidies from the government for “earning” foreign exchange. Kenyan businessman Kamlesh Pattni – who was at the centre of the scandal and was charged with fraud but eventually acquitted – was recently named in a new investigation into gold fraud.
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