World Bank looks into case of 'embezzlement' at RVR
Part of KSh 16.5 billion loaned to RVR to improve its services by buying new locomotives was used on buying used ones that were modified at a cost of six times the value of purchase...
Rift Valley Railways firm under probe over use of World Bank billions
The World Bank has launched investigations into the purchase of locomotives by the Rift Valley Railways (RVR) Company using a Sh16.5 billion international loan it had helped to arrange. Investigations covering Kenya, Brazil and Egypt has spotlighted a decision by the the company to buy used locomotives and refurbish them instead of acquiring brand new ones...
World Bank looks into case of ‘embezzlement’ at RVR
One of the key investments of Qalaa Holdings has been the arrival of “new†locomotives. In the capital expenditure plan that was presented to investors, $63m was allocated for the purchase of “new locomotivesâ€... However, the purchase contract which the reporting team saw showed that no new locomotives were purchased at all. Instead, on show were second-hand refurbished locomotives...
