The Goldenberg scandal was the longest-running scandal in Kenya back in the days. In the Goldenberg scandal the Kenyan government was found to have subsidised exports of gold way beyond standard arrangements in the 1990s, through a company by the name Goldenberg International which received 35% more than the Kenyan 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 GDP, and it is possible that no or minimal amounts of gold were actually exported.
The chief architect behind the scheme was a relative of the Kenyan businessman Kamlesh Pattni pictured above. However, it was Pattni who established Goldenberg International the company behind the scheme. Almost all the politicians in the Moi Regime and a big percentage of the Kibaki’s Reign were accused. Major Banks in Kenya were mentioned in this scandal including National Bank of Kenya, Post Bank, Delphis Bank and Trans National Bank. The judicial system also appeared to have been deeply involved, with 23 of Kenya’s senior judges resigning after evidence indicated their involvement.