It also represents an average of 15 per cent of the total budget, which means that in this period one out of every six shillings in the budget was misappropriated. Further revelations from the PAC indicate that the government had lost a total of Sh500 billion through fraud, embezzlement and uncollected revenue in the last decade. Some argue that this will give us a clean bill of health and hence boost investor confidence. But my understanding of capitalism is different. I do not think investors are gullible and that they will simply invest because the IMF and World Bank think we are likely to 'behave'.
Bank robberies Our analysis focused on the violent and non-violent forms of bank robberies.
The five gunmen involved in this theft are reported to have arrived at the airport in an official police Mahindra car and escaped in a waiting pick-up truck. Although some of the monies stolen through bank robberies have been recovered, records show that most of these funds are untraceable. This is probably where corruption and crime complement each other. The 12 banks placed under receivership in 1998 had been robbed of a total of Sh3.5 billion in the form of unsecured or non-performing loans. One private company, for instance, owed Postbank Credit Limited a total of Sh7.3 billion, while a cabinet minister owed Trade Bank limited a total of Sh0.7 billion.