Uhuru And His Family’s Billions in Secret Offshore Accounts Exposed

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President Uhuru Kenyatta and his family, the Kenyattas’, have featured in a new expose that has detailed how hundreds of world leaders, politicians, and businessmen stashed billions of shillings in offshore companies and accounts.

The massive leak by the International Consortium of Investigative Journalists (ICIJ) revealed that the President and six members of his family operate at least 13 companies outside the country.

The ICJ in the investigative work dubbed, Pandora Papers, reported that “as Kenyan President mounted an anti-corruption comeback, his family’s secret fortune expanded offshore”.

The Head of State, his mother Mama Ngina Kenyatta, his sisters and brother’s secret assets in offshore investments are valued at Ksh3.3 billion.

The records from various sources show that the Kenyatta’s started investing abroad under a foundation named Varies in Panama in 2003. Mana Ngina was listed as the first benefactor and the Kenyan leader as the second, meaning he is the automatic inheritor.

At the time, President Kenyatta was the opposition leader after losing the 2002 presidential race to Mwai Kibaki.

“The family owned at least seven entities, two registered anonymously in Panama and five in the British Virgin Islands. One BVI company owned a home in central London and two other companies held an investment portfolio worth tens of millions of dollars.

“The Kenyattas’ offshore wealth revealed for the first time, represents half-billion-dollar family fortune amassed in a country where the average annual salary is less than Ksh800,000 a year,” the ICIJ reported.

The Kenyan First Family is yet to respond to the expose.

The data leak explained that some of the rich and powerful individuals with hidden assets are tax evaders and money launders.

However, Pandora Papers did not have any evidence to show that the Kenyattas’ engaged in economic crimes to acquire the offshore wealth.

Under Kenyan law, it is not illegal to hold offshore accounts, but one must declare.

The Kenyattas’ have never declared their wealth, at least publicly, but the family’s vast estate is estimated at tens if not hundreds of billions of shillings.

The Family has interests in agriculture, transport, media, insurance, banking, land ownership, and the hotel industry.

The post Uhuru And His Family’s Billions in Secret Offshore Accounts Exposed appeared first on LitKenya.

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