- The Pandora Papers, which analysed over 12 million files, was the biggest leak in history
- The International Consortium of Investigative Journalists discovered the first family’s offshore investments in Panama, the British Virgin Islands and other tax havens
- Most of the offshore companies were created before Uhuru Kenyatta was elected Kenya’s fourth president in 2013
President Uhuru Kenyatta and six members of his family were linked to a network of offshore companies, one of which reportedly holds assets valued at US$30 million (KSh 3.31 billion).
This was according to the International Consortium of Investigative Journalists (ICIJ), an independent network of more than 250 investigative journalists and over 100 media organisations across the world.
BBC News reported that Pandora Papers, which analysed over 12 million files, was the biggest leak in history.
The ICIJ discovered the first family’s offshore investments in Panama, the British Virgin Islands and other tax havens.
According to CNN, most of the offshore companies were created before Uhuru Kenyatta was elected Kenya’s fourth president in 2013.
TUKO.co.ke delved into the offshore companies linked to the Kenyatta family.
1. Milrun International Limited
The company was co-founded by Mama Ngina Kenyatta and her two daughters, Kristina and Anna, in 1999.
Mama Ngina is the fourth wife of Kenya’s founding president Mzee Jomo Kenyatta and mother to President Uhuru Kenyatta.
Milrun International Limited was incorporated in the British Virgin Islands.
A Panamian law firm identified as Alcogal was involved in the setting up of the company. The law firm which specialises in the administration of offshore companies supplied staff to Milrun to act directors.
This meant Milrun could not be traced to the Kenyattas’.
Mama Ngina and her daughters used proceeds from the company to buy an apartment in London.
Until recently, the property had been rented by British Labour MP Emma Ann Hardy, and its value was estimated to be KSh 143.8 million.
2. Varies Foundation
Varies Foundation was set up in 2003, just a year after Uhuru Kenyatta was defeated in the 2002 presidential election by Narc’s Mwai Kibaki.
It was reported that after Kibaki came into power and promised a crackdown on corruption, the Moi family, who was friends with the Kenyatta’s, moved huge sums of money out of the country.
Uhuru’s mother, Mama Ngina, born in April 1933, was named as the first beneficiary.
“She (Mama Ngina) will be entitled to receive capital and income from the said foundation and may withdraw, dispose or administer all or part of her entitlement in capital and income as she chooses from time to time,” the document stated.
It said that in the case of Mama Ngina’s death, Uhuru would inherit it.
3. Criselle Foundation
President Uhuru Kenyatta’s younger brother, Muhoho, reported to be running the Kenyatta empire, established Criselle Foundation in 2003 with the help of UBP private-wealth advisers.
Alcogal also ran the entity whose first beneficiary was Muhoho. His son Jomo Kamau Muhoho was listed as his successor.
Muhoho owned another company in the British Virgin Islands with KSh 3.3 billion in stocks and bonds.
4. Valberg Foundation
Based in Panama, the company was suspended as of November 26, 2019.
5. Wesmar Finance Ltd
It was launched in 2003 in the British Virgin Islands.
6. Galanes Finance Limited
Based in BVI, it was founded in 2011 and as of November 2018 it had been struck off for non-payment of an annual fee.
7. Hawkings International Limited
According to Africa Uncensored, it was created in 2012 just a year before Uhuru Kenyatta was elected Kenya’s president.
It is located in the British Virgin Islands and is managed by Muhoho Kenyatta.
8. Leonor Estates Inc
Leonor Estates Inc was formed in 2012 in BVI.
9. Pictor Finance Limited
It is based in BVI.
10. MaClay Foundation
The foundation was active in Panama as of May 2020.
The Pandora Papers exposed how President Uhuru Kenyatta and his family have secretly been accumulating wealth from their offshore companies.
According to ICIJ, Uhuru together with his mother, sisters and brother have shielded their wealth from public scrutiny.
The Kenyattas’ offshore wealth is part of an estimated half-billion-dollar family fortune.
Invoices from Alcogal in Panama to Union Bancaire Privée, one of the largest private banks in Switzerland, show that the Swiss advisers referred to the Kenyatta’s with a code: “client 13173.”
In a statement on Monday, October 4, the head of state said the reports will go a long way in enhancing the financial transparency and openness that Kenya requires and around the world.
While promising to comprehensively respond to the damning revelations, the president said the movement of illicit funds, proceeds of crime and corruption thrive in an environment of secrecy and darkness.
According to Uhuru, the Pandora papers and subsequent follow-up audits will lift that veil of secrecy and darkness for those who can not explain their assets or wealth.