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The Goldenberg scandal was a massive financial fraud in Kenya during the Daniel Arap Moi administration, estimated to have cost the country between US $600 million and US $1 billion. The scheme utilized a fake gold and diamond jewellery export operation to claim illegal export compensation and siphoned funds through the Central Bank of Kenya (CBK) and various commercial banks, including the specifically created Exchange Bank. The fraud was facilitated by senior government officials who granted Goldenberg International Limited monopoly rights and preferential subsidies. The resulting economic instability led to rapid money supply growth, high inflation, and the collapse of several banks in 1993. Despite a 2003 Commission of Inquiry, the document notes the difficulty in prosecuting the perpetrators due to political interference.