A federal agency created by the Canadian government during the tenure of former Prime Minister Justin Trudeau is said to have lost Ksh6.9 billion after investing in a loss-making Kenyan company.
According to reporting from the Toronto Sun, FinDev Canada, officially known as the Development Finance Institute, revealed in an internal memo that it did not do 'due diligence' before investing millions into the company.
The federal agency, created in 2017, revealed the new development on Wednesday, August 13, after withholding the memo for over half a decade. "Due to lack of time, the team must rely on due diligence performed by others," said minutes of a November 10, 2017, meeting of the board.
Former Canadian Prime Minister Justin Trudeau speaking at a past event on February 24, 2025.
