President Kenyatta, whose family has been linked to billions of shillings in foreign banks, says the “Pandora Papers and subsequent follow-ups will lift the veil of secrecy and obscurity for those who cannot explain their property or wealth “.
The leaked report claims that the president’s family is associated with 13 offshore companies operating more than Sh.3.3 billion. keep. The report did not disclose the origin of the funds, nor did it accuse the account holders of any misconduct. Nothing under Kenyan law prohibits citizens from owning property or bank accounts outside the country.
The only exception is that the constitution prohibits state officials from keeping secret bank accounts outside the country. In this case, the papers did not reveal whether the accounts were in the President’s name.
The Guardian reported that the papers reveal the secret offshore affairs of 35 world leaders, including current and former presidents, prime ministers and Heads of State.
Read: MPs Seek to Recover Stolen Money Hidden Abroad
Other world leaders named in the document collection include the former British Prime Minister Tony Blair and his wife Cherie Blair, Gabon’s President Ali Bongo Ondimba, Jordanian ruler King Abdullah II, Denis Sassou Nguesso (President of the Republic of the Congo), Patrick Achi (Prime Minister of the Ivory Coast), Jim Muhwezi (Security Minister of Uganda), former Prime Minister of Mozambique Aires Ali and the Prime Minister of the Czech Republic Andrej Babiš.
100 million US dollars
According to the files, King Abdullah II. Built a secret real estate empire valued at $ 100 million in the UK and the US. President Bongo, according to the exposé, controlled two mailbox companies in the British Virgin Islands, which have since closed.
In the Czech Republic, the investigation has reportedly led Prime Minister Babiš to a $ 22 million estate nearby linked by Cannes. France. Local media say the leader has denied any wrongdoing.
According to the Pandora Papers, one of the largest financial secret leaks in history to touch powerful leaders around the world, President Kenyatta and six of his family members owned a network of offshore companies for decades.
The Pandora Papers – comprised of 12 million files – were leaked to the International Consortium of Investigative Journalists (ICIJ) and featured over 600 reporters and media organizations around the world shared.
Read: Wealthy Kenyans give Stowed 118 billion Shillings abroad. back
They reveal that the offshore investments of the first family, including a company with stocks and bonds valued at Sh 3.3 billion. ($ 30 million), found among hundreds of thousands of pages of administrative records from the archives of 14 law firms and service providers in Panama and the British Virgin Islands (BVI) and other tax havens.
The papers reveal an expensive home of the The Kenyatta family owns in an exclusive neighborhood in the UK.
The documents also show that a foundation called Varies was set up in Panama in 2003. The foundation named Mr. Kenyatta’s mother, Ngina, 88, as the first benefactor and President Kenyatta as the second benefactor, who would inherit it if she died. The purpose of the foundation and the value of its assets are unknown.
UBP’s private wealth advisors also helped Mr. Kenyatta’s brother, Mr. Muhoho Kenyatta, set up a facility called the Criselle Foundation in Panama in 2003. The foundation was registered in Alcogal’s Panama City office and was nominally headed by directors of the Panamanian law firm. It was established on behalf of Mr. Muhoho, succeeded by his son Jomo Kamau Muhoho.
A search of public records in the BVI and Panama found that most of the Kenyatta affiliates are now dormant. some of them due to non-payment of regulatory fees.
Kenyans used social media to respond to the information with comments.
President Kenyatta, in a statement released by the state The Spokesman of the House of Representatives, Kanze Dena, said the leak “would go a long way towards enhancing the financial transparency and openness required in Kenya and around the world.” his state to respond comprehensively to the leak Visit to America.
Also read: Kenyans wait much longer for Sh200m loot in Swiss banks
“The traffic of illegal funds, income from crime and corruption thrives in an environment of secrecy and darkness. The Pandora Papers and subsequent audits will lift that veil of secrecy and obscurity for those who cannot explain their property or fortune, “said President Kenyatta.
A report from an American think tank, the National Bureau of Economic Research (NBER) revealed last year that Kenya’s super-rich more than Sh.5 trillion looted at least 130 billion shutters and hidden abroad, including in Great Britain and South Africa.
The report by risk advisor Kroll and Associates was commissioned by the government of then President Mwai Kibaki.
The 110-page report published online describes in detail how people close to Mr. Moi, letterbox companies, fronts and set up secret trusts to siphon off the Kenyan taxpayers’ money they put into banks, real estate and businesses in an estimated 30 countries and the world.
Wed In t returning over Sh1 trillion, the owners of the cash have effectively “cleaned up” their assets, bypassing any source of cash or tax liability issues that may have been due in the years leading up to the declaration.
The whopping amount did, however had no visible impact on the economy, raising the question of where the cash was kept.