This is the first in a series of reports of reports to examine the role of ‘development’ finance and profit-seeking investments in Kenya’s health care sector. Multinational corporations win government contracts – no questions asked – while Kenya’s health care unions have been forced to strike to demand adequate funding for training, placement, and retention of front-line workers. Much of Kenya’s limited health budget is shifted away from direct provision of health care and towards medical equipment of questionable value. Health workers – doctors, clinical officers, laboratory staff, nurses, and others – are key to improving health care in Kenya. This report is a case study of VAMED, an Austrian multinational corporation which has sold European medical equipment, financed by ‘development’ agencies and international banks, to the Kenyan Ministry of Health and governments across the Global South. This case study reveals a major lack of transparency and accountability in Kenya’s health care spending and recommends urgent reforms.