Africa
Kenyatta’s Family Implicated In Pandora Papers Revelations
- Kenyatta and six members of his family have been linked to 13 offshore companies.
The family of Kenya’s President Uhuru Kenyatta, that has dominated the country’s politics since independence, secretly owned a network of offshore companies for decades, according to a huge leak of financial papers.
The Pandora Papers – 12 million files – is the biggest such leak in history.
Kenyatta and six members of his family have been linked to 13 offshore companies.
They have not yet responded to requests for comment.
The Kenyattas’ offshore investments, including a company with stocks and bonds worth $30m (£22m), were discovered among hundreds of thousands of pages of administrative paperwork from the archives of 14 law firms and service providers in Panama and the British Virgin Islands (BVI) and other tax havens.
Read also: Pandora Papers: Secret Wealth And Dealings Of World Leaders Exposed
The secret assets were uncovered by an investigation, published earlier on Sunday, by the International Consortium of Investigative Journalists (ICIJ), Finance Uncovered, Africa Uncensored and other news organisations.
Documents show that a foundation called Varies was set up in 2003 in Panama, naming Kenyatta’s mother, Ngina, 88, as the first benefactor – and Kenya’s leader as the second benefactor, who would inherit it after her death.
The purpose of the foundation and the value of its assets are unknown.
Panamanian foundations are much sought after because the true owners of the assets are only known by their lawyers and they do not have to register their names with the Panamanian government, ICIJ reports.
The assets can also be designed to be transferred tax-free to a successor.
There’s no reliable estimate of the Kenyatta family’s net worth but its vast business interests span transport, insurance, hotels, farming, land ownership and the media industry in Kenya.In 2018, Kenyatta told the BBC Hardtalk programme that his family’s wealth was known to the public, and as president he had declared his assets as required by law.
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