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World Bank unearths massive fraud at RVR
Locomotive engines at the railway yard in Mombasa imported by RVR. PHOTO | FILE
Top Rift Valley Railway (RVR) managers conspired to defraud lenders and the Kenya Revenue Authority (KRA) millions of shillings and left the company in a worse financial position, the World Bank says in an ethics audit report that warns of possible sanctions on the rail firm.
The governance health check was prompted by a $22 million (Sh2.2 billion) loan that the International Finance Corporation (IFC) – the World Bank Group’s private sector arm – extended to RVR in support of the company’s planned purchase of 20 locomotives for its flagging operations in 2014 and 2015.
