Goldenberg Commission of Inquiry Report - Mars Group Kenya

TABLE OF CONTENTS
PAGE NO.
ABREVIATIONS iii
LETTER OF TRANSMITTAL iv
ACKNOWLEDGMENTS v
INTRODUCTION 1
CHAPTER I 30
Economic & Political situation before 1992 General Election 30
CHAPTER II 44
ACCEPTANCE AND IMPLEMENTATION OF GIL’S PROPOSALS 44
Export compensation scheme 44
Gold and Diamond Jewellery Exports 59
GIL’s Initial Dealings with CBK 91
CHAPTER III 97
OTHER SCHEMES IN THE GOLDENBERG AFFAIR 97
Pre-Export Finance 97
Retention Accounts Scheme 108
Convertible Foreign Exchange Bearer Certificates (Forex Cs) 111
CHAPTER IV 116
FINANCIAL DEALINGS 116
Movement of money by GIL into and out of Kenya 116
Exchange rate gains to GIL 124
Cheque Kiting 128
Dollar Sale Contracts 131
US $210,000,000 Contracts –American Express Bank Ltd. 144
Payment of Ksh. 5.8 Billion from Treasury to GIL 154
Treasury Bills 162
Pan African Bank Ltd. 168
Recipients of Goldenberg Money and Funding of 1992 General Elections 181
CHAPTER V 197
EXPOSURE AND PREVIOUS INVESTIGATIONS AND AFTERMATH OF
THE GOLDENBERG AFFAIR 197
Exposure and Previous Investigations of the Goldenberg Affair 197
Role Played By Various People in the Goldenberg Affair 203
Economic Social and Related Effects of The Goldenberg Affair 261
Persons Allegedly Adversely Affected By Goldenberg 287
Commendations 291
CHAPTER VI 293
CONCLUSION AND SPECIAL RECOMMENDATIONS 293