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$1 Billion That Banks Sent to South Sudan for Food and Medicine Vanished, Probe Finds

  • Money supplied through letters of credit was meant for food
  • The Sentry says money diverted to members of South Sudan elite
Updated on

Almost $1 billion supplied to South Sudan through a credit line from Qatar National Bank and Kenya’s Stanbic Holdings Plc to help the country buy food, fuel and medicine went missing, according to an investigation by The Sentry.

The money, supplied between 2012 and 2015, was diverted to businesses with links to prominent South Sudanese officials, including members of President Salva Kiir’s family, the then-governor of the central bank and military officials, the US-based nonprofit that investigates allegations of corruption said in a report published on Wednesday.