PANDORA PAPERS: Graphics by Clement Kumalija
KRN NEWS DESK
The family of President Uhuru Kenyatta has been exposed in the Pandora Papers leak that uncovered a network of secret offshore companies owned by the first family. The papers termed the exposé a huge leak of financial papers.
The massive exposé revealed that the first family has for years been accumulating wealth stashed in offshore accounts.
The papers also discovered that the owners of the offshores accounts and assets are only known by their lawyers and they are not even required to register their names with the Panamanian government (where the money is hidden).
According to a report by the International Consortium of Investigative Journalists, the assets are designed to be transferred tax-free to a beneficiary, this has brought a sharp focus to President Uhuru’s administration which declared war on corruption.
The ICIJ shared an article that listed Mama Ngina Kenyetta as the first beneficiary in the Panamanian Foundation.
“The first beneficiary of all capital and income of the Foundation, during her lifetime and without any restriction whatsoever, shall be: Mrs. Mama Ngina KENYATTA, born on April 1933,” the report stated in part.
The article gave Mama Ngina Kenyatta the powers and the rights to request any modification to the agreement at any time.
“She will be entitled to receive capital and income from the said Foundation and may withdraw, dispose of or administer all or part of her entitlement in capital and income as she chooses from time to time.
She will also have the right, at all times, to request from the Board of Foundation any modification of the present regulation,”
The report further stated that Mama Ngina Kenyatta listed President Uhuru Kenyatta as the sole beneficiary of the capital and income in case of her death.
“In case of death of Mrs. Mama Ngina Kenyatta, the entire capital and income of the Foundation, as well as any additional contribution received by the Foundation, shall be distributed to her son: Mr. Uhuru Muigai Kenyatta,” the article stated.
The ICIJ report listed President Uhuru, along with his mother, sister, and brother, as the key beneficiaries of the capital. It added that the reason for using foundations and companies in tax havens is to avoid public scrutiny.
ICIJ also revealed that the family owns over seven entities, two registered in Panama, five in the British Virgin Islands, and one home in central London.
