Thursday, October 28, 2021

Kenyan president one of many world leaders with multi-million dollar secret offshore accounts

Kenya’s President Uhuru Kenyatta and his family are among world leaders who are said to have hidden billions of dollars in secret offshore accounts.

Records obtained by the International Consortium of Investigative Journalists show that the Kenyatta family has a fortune of half a billion dollars in at least seven foundations and tax havens in various countries, including Panama and the British Virgin Islands.

The family enlisted the services of one of the largest banks in Switzerland, Union Bancre Privé, to register and set up a foundation to manage and shelter their assets in Panama, which they built under their patriarch, Jomo Kenyatta. who became the first President of Kenya. 1964 after gaining independence from Britain.

The ICIJ cites a UN-backed commission that found that one-sixth of all assets once owned by Europeans in the colonial era were “cheaply sold” to Kenyatta, his family and associates, including Daniel Arap Moi, vice president of Jomo Kenyatta. More people were involved. After the death of the elder Kenyatta in 1978, he was succeeded.

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The Kenyatta family flourished during Moi’s authoritarian rule over the next two decades, establishing a dairy that spread across East Africa and is now Kenya’s largest milk producer, as well as a major bank and other domestic enterprises including upscale hotels. acquiring a large share in

The Pandora Papers also reveal that Kenyatta secretly owned several offshore shell companies in the British Virgin Islands. One of the companies owned by Uhuru’s brother Muhoho had a bank account, which in 2016 had an investment portfolio of $31.6 million. From 1999 to 2004, Uhuru’s mother, Nagina, and her two sisters owned shares in a BVI company, which they would make a purchase. Apartment in an upscale London neighbourhood.

Forbes magazine ranked Uhuru Kenyatta as Kenya’s richest person and as the 26th richest person in Africa in 2011, two years before he was elected president on a self-proclaimed anti-corruption crusade.


Nation World News Desk
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