Tag Archives: Pandora Papers

#PandoraPapers: President Kenyatta hidden wealth

Strasbourg 05.10.2021 While Uhuru Kenyatta succeeded in a political comeback by campaigning against corruption, his family’s secret fortune was growing offshore, a massive new leak to @ICIJorg shows.

At his annual State of the Nation address last autumn, President Uhuru Kenyatta addressed Kenya’s Parliament acknowledging that too many Kenyans live in poverty and too many civil servants loot the country’s public resources.

During this address the son of Kenya’s first President and leader of one of Africa’s largest economies, the 59-year-old Kenyatta urged lawmakers to join him in fighting corruption and yet again repeated “the centrality of transparency, accountability and good governance as the anchors of sustainable development.”

However a massive amount of newly leaked documents show that Kenyatta’s family has for years been intensely accumulating a personal fortune behind offshore corporate veils.

Kenyatta, along with his mother, sisters and brother, have for decades shielded wealth from public scrutiny through foundations and companies in tax havens, including Panama, with assets worth more than $30 million, according to records obtained by the International Consortium of Investigative Journalists and shared with more than 600 reporters and media organisations around the world.

The records – from the Panamanian law firm Aleman, Cordero, Galindo & Lee (Alcogal) – show that the family owned at least seven such entities, two registered anonymously in Panama and five in the British Virgin Islands. One BVI company owned a home in central London, according to the records, and two other companies held investment portfolios worth tens of millions of dollars. The Kenyattas’ offshore wealth, revealed here for the first time, represents part of an estimated half-billion-dollar family fortune amassed in a country where the average annual salary is less than $8,000 a year.

The family began to accumulate much of its offshore wealth while Uhuru Kenyatta was a rising star of politics, promising defeat corruption. Two offshore companies were created during an investigation into alleged looting of the public treasury during the watch of President Daniel arap Moi, Kenyatta’s former political patron.

Under Kenyan law, the President must provide a list of financial interests to the Ministry of Finance each year. Kenyatta and his family members did not respond to requests for comment, including whether he declared any offshore interests or was required to do so.

Details of the Kenyatta family’s offshore wealth have been brought to light by the leaked Pandora Papers, a collection of more than 11.9 million records from 14 law firms and other service providers based in the United Arab Emirates, the Seychelles, Panama, Singapore and other tax havens.

The investigation has revealed assets of 35 current or former world leaders, including the king of Jordan, the prime minister of the Czech Republic, and Kenyatta’s fellow African leaders Ali Bongo Ondimba of Gabon and Denis Sassou-Nguesso of the Republic of Congo.