How did one of Africa's biggest investment companies spend the money they collected from international developments banks for the refurbishment of the Rift Valley Railway?
The Rift Valley Railway, a roughly 2000-kilometer-long train track meandering through Kenya and Uganda. The railway is one of the most important infrastructure projects in East Africa, crucial support for the growth spurt the region has undergone the past decennium.
After having been neglected for years, construction on the railway was reinstated by Qalaa Holdings, one of biggest investment companies in Africa, after it had managed to collect 287 million dollars. Half of that money comes from international development banks like the Belgian BIO.
Five years after the start of the plans, Patrick Mayoyo (Kenya), George Turner (UK) and Berber Verpoest (Belgium) investigate how exactly Qalaa spent the Rift Valley Railway development funds, an investigation that leads them to several tax havens.
This project was funded through Journalismfund.eu's Flanders Connects Continents grant programme.
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World Bank looks into case of ‘embezzlement’ at RVR - Observer (Uganda), 22 June 2016