In 1993 the 'Goldenberg scandal' came to light in which the Kenyan government was found to have subsidised exports of gold by paying a company, Goldenberg International Ltd (GIL), 35 percent more (in Kenyan shillings) than the foreign currency earnings supposedly derived from the sale of gold. The scheme had begun in 1991 and is estimated to have cost Kenya the equivalent of more than 10 percent of its annual Gross Domestic Product. A Commission of Inquiry headed by Mr Justice Bosire reported its findings in October 2005 stating that Sh158.3 billion [$2.1 billion] of Goldenberg money had been transacted through 487 companies and individuals. 1,559 'Adverse Notices' were issued against companies and individuals but although Nicholas Biwott was included on that list he was only mentioned directly or indirectly in three of the reports 847 paragraphs and the report, together with subsequent revelations would seem to absolve Biwott of any involvement in the scandal.