Royal Malaysian Customs Department

Gold fraud: the Goldenberg scam that cost Kenya billions of dollars in the 1990s – and no one was jailed

Retrieved on: 
Sunday, June 18, 2023
Mineral, Industry, Deliberation, Kamlesh Pattni, Central bank, Royal Malaysian Customs Department, Policy, Intelligence, Central Bank of Kenya, World Bank, Government, Sale, Gold, Time, Coronavirus Job Retention Scheme, International Monetary Fund, Goldenberg scandal, Fraud, Corruption, United Arab Emirates, Cryptocurrency, Insurance, Bank, Security (finance), Tea, Drug, Goldenberg

The Goldenberg scandal in the early 1990s is Kenya’s largest documented gold fraud.

Key Points: 
  • 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.

What was the Goldenberg scandal?

    • The scandal centred on two companies: Goldenberg International and Exchange Bank Limited.
    • The Goldenberg scandal occurred at a time of severe economic austerity in Kenya in the early 1990s.
    • Coincidentally, or otherwise, Goldenberg International applied to the Kenyan government in July 1990 for certain privileges that spoke directly to the economic needs of the country.
    • Goldenberg managed to defraud the Kenyan state of between US$600 million and US$1.5 billion in subsidies.
    • The 2003 Judicial Commission of Inquiry into the scandal estimated that Goldenberg pilfered a total of KSh158.3 billion (US$2.3 billion at the time).

What institutional gaps enabled the fraud?

    • There’s inherently nothing wrong with these measures, which are intended to stimulate trade.
    • But they were implemented in the context of a corrupt political system and became instruments of fraud.
    • The difference between official and parallel exchange rates, and the depreciating Kenyan shilling, allowed Goldenberg to earn illegal returns on foreign exchange.
    • No one ever went to jail for this grand fraud despite years of inquiry and the prosecution of some of the parties involved.

What was the cost to Kenya?


    The government of Kenya received no benefit as there were no official export earnings from the sale of gold and diamonds. There are no reliable estimates as to the scandal’s effect on Kenyans to date, largely because the payments made and money siphoned couldn’t be easily accounted for.

What are the lessons learned?

    • For instance, since 2019, trade in gold in Venezuela and Iran has increased drastically with Turkey despite US sanctions.
    • Regulatory frameworks governing trade in gold are weaker than the ones governing the entry of US dollars into the global banking system.
    • Both Kenya and Zimbabwe have had long reputations of being politically risky, mired in corruption and having unsound policies.

Sangfor NGAF Achieves Recommended Rating in CyberRatings.org’s Enterprise Firewall Test

Retrieved on: 
Monday, May 15, 2023
Data Management, Security, Technology, Software, Networks, Artificial Intelligence, Internet, Royal Malaysian Customs Department, Lovely Banks, Victoria, Maintenance, Failure, TTP/A, J&T Express, Policy, Stability, Intelligence, Control theory, Access control, Cloud computing, Total cost, Intranet, United States Cyber Command, Data-rate units, AAA, Artificial intelligence, Architecture, TCO, SSL, IAG, Extended detection and response, AA, Medical device, Cryptocurrency, Online shopping

“Sangfor has achieved consistently high ratings in testing over the past several years,” said Vikram Phatak, CEO of CyberRatings.org.

Key Points: 
  • “Sangfor has achieved consistently high ratings in testing over the past several years,” said Vikram Phatak, CEO of CyberRatings.org.
  • “They have a solid product that deserves consideration.”
    According to CyberRatings.org, Sangfor NGAF 5300 provides remarkable cost-effectiveness, with the lowest 3-year TCO (including product purchase, product maintenance, vendor support, etc.)
  • CyberRatings.org's comprehensive evaluation of the Sangfor NGAF 5300 showcased the product's exceptional performance in the key areas of Threat Prevention, SSL/TSL Functionality, Stability & Reliability, and Routing & Access Control.
  • Sangfor NGAF is the world's first AI-enabled next-generation firewall, powered by Sangfor's Engine Zero artificially intelligent malware detection engine and Neural-X AI threat intelligence platform.

IDIQ Earns Great Place to Work Certification

Retrieved on: 
Wednesday, April 19, 2023
Technology, Personal Finance, Finance, Security, Fintech, Electronic Commerce, Professional Services, Software, Internet, IDIQ, Countrywide, Royal Malaysian Customs Department, Great Places, Certification, CFO, Credit, Management, Wellness

IDIQ ®, an industry leader in identity theft protection and credit monitoring, has earned the Great Place to Work® certification.

Key Points: 
  • IDIQ ®, an industry leader in identity theft protection and credit monitoring, has earned the Great Place to Work® certification.
  • “Great Place to Work Certification isn’t something that comes easily – it takes ongoing dedication to the employee experience,” said Sarah Lewis-Kulin, vice president of global recognition at Great Place to Work.
  • Earning this designation means that IDIQ is one of the best companies to work for in the country.”
    According to Great Place to Work research , job seekers are 4.5 times more likely to find a great boss at a certified Great Place to Work workplace.
  • Achievement of Great Place to Work certification is the latest in a string of recognitions for IDIQ.