President Uhuru Kenyatta has welcomed the report on his family’s secret wealth leaked in the Pandora Papers.
In a press statement released on Monday, October 4, the Head of State said that such reports will ensure financial transparency.
“That these reports will go a long way in enhancing the financial transparency and openness that we require in Kenya and around the globe.
The movement of illicit funds, proceeds of crime and corruption thrive in an environment of secrecy and darkness,” read part of a statement from State House Spokesperson Kanze Dena.
Uhuru said that such exposes are necessary for persons to give accountability on their assets.
“The Pandora Papers and subsequent follow-up audits will lift that veil of secrecy and darkness for those who cannot explain their assets or wealth. Thank you.”
President Uhuru further promised to give a more comprehensive response after returning from his trip to America.
A report from the Pandora Papers published on Sunday, October 3 revealed that President Uhuru and other world leaders have secret wealth in overseas companies.
The investigation published in international investigative media companies showed that Uhuru’s family owns offshore investments, including a company with stocks and bonds worth Ksh 3 Billion.
The companies that are in Panama and other tax havens have been registered under the names of Uhuru’s mum (Mama Ngina Kenyatta), brother(Muhoho Kenyatta), and his sisters Christina Pratt and Anne Nyokabi.
Under the code “client 13173” President Uhuru’s family opened anonymous companies that cannot be easily traced back to them.
The Kenyatta family was advised to open the accounts by experienced international wealth experts from the Swiss bank Union Bancaire Privée (UBP).
A foundation called Varies was set up in 2003 in Panama; here, Mama Ngina was named as the first benefactor and Uhuru who would inherit it after the death of his mother.
Another company was registered under Muhoho Kenyatta’s name, who registered his son Jomo Kamau Muhoho, as successor.
