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Vol 39 No 25

Published 18th December 1998


Millionaire debtors

As Nairobi's failing banks call in their loans there is a nasty smell of cronyism

Delinquent debtors owe millions of shillings to more than a dozen troubled banks in Kenya. The list includes names from President Daniel arap Moi’s immediate family, that of his long-term adviser Nicholas K. Biwott, the Minister of East African Cooperation, others from the inner circle of the ruling Kenya African National Union, plus State House cronies and Kalenjin operators from Moi’s Rift Valley homeland. Kenya’s banking crisis is giving new reality to the adage ‘if you owe the bank enough money you own it’.

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