Secret assets of Kenyan president’s family exposed

Uhuru Kenyatta family's secret assets exposed by leak
Uhuru Kenyatta told the BBC in 2018 that he wanted fighting corruption and promoting transparency to be his legacy. Source: Getty Images
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Daily US Times: The family of Uhuru Kenyatta, Kenya’s President, secretly owned a network of offshore companies for decades, according to a huge leak of financial papers, dubbed as Pandora Papers.

The Pandora Papers – which contains 12 million files – is the biggest such leak in history.

Mr Kenyatta that has dominated the country’s politics since independence, and six members of his family have been linked to 13 offshore companies.

The Kenyan President and his family yet to respond about the matter.

The Kenyattas’ offshore investments, including a company with bonds and stocks worth $30m, 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.

The secret assets published earlier on Sunday, and were uncovered by an investigation by the International Consortium of Investigative Journalists (ICIJ), Africa Uncensored, Finance Uncovered and other news organisations.

Documents show that in 2003, a foundation was set up in Panama named Varies, naming Mr Kenyatta’s mother, Ngina (88), as the first benefactor – and Mr Kenyatta as the second benefactor, who would inherit it after her death.

The purpose of the foundation and the value of its assets are yet to be known.

There’s no reliable estimate of the Kenyan President’s family’s net worth but its vast business interests span transport, farming, land ownership, insurance, hotels and the media industry in Kenya.

You may read: Pandora Papers: Secret wealth and dealings of world leaders exposed