President Uhuru - I can Account for My Offshore Billions

"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," Uhuru said on Monday in a brief statement on the eve of his visit to the United States.

He promised to respond “comprehensively” on his return.

The President neither denied nor discredited the leakage, saying such reports will enhance financial transparency in Kenya and worldwide. It is not illegal to have offshore accounts.

Kenyatta and six members of his family have been linked to ownership of 13 offshore companies for decades, the journalists' consortium said.

"The movement of illicit funds, proceeds of crime, and corruption thrive in an environment of secrecy and darkness," the President said.

The head of state said the leaked financial dealings will only give trouble to those unable to explain their wealth.

Also Read: President Kenyatta Responds to ICIJ Pandora Papers Allegations

The President responded hours after an exhaustive report by the International Consortium of Investigative Journalists (ICIJ) exposed details of how his family owns billions in offshore investments.

The reports said the Kenyatta's, including the President’s mother, sisters, and brother, have been “shielding" wealth from public scrutiny through foundations and companies in tax havens, including Panama.

The huge leak of financial documents shone the spotlight on the Kenyatta family’s hidden assets that have accumulated over the decades.

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

In 2011, Forbes magazine ranked Uhuru as Kenya’s richest person and the 26th wealthiest in Africa, estimating the family fortune at about Sh50 billion.

ormer anti-corruption czar John Githongo said while the report does not imply corruption, it has created a lot of anxiety among Kenyans.

“There is no evidence of corruption in this round of documents released. I think the anxiety about what citizens are learning is caused by the fact that people who enjoy public trust—their leaders—seem to find it necessary to hide so much wealth in secretive jurisdictions,” he told the Star.

Also Read: Leaked Pandora Papers Reveals how Wealthy Families Keep their Riches Hidden

The anti-graft crusader said, "M-Pesa transactions are more transparent than the foreign accounts of leaders."

According to the leaked records, Uhuru and six members of his family own at least 13 offshore firms, one of which was valued as holding assets of Sh3.31 billion.

According to ICIJ, the leaked records listed Uhuru and his mother, Mama Ngina Kenyatta, as beneficiaries of a secret foundation in Panama.

Other family members, including his brother and two sisters, own five offshore companies with assets worth billions of shillings.

Suba Churchill, the convener of the National Civil Society Congress, told the Star the President should consider repatriating the billions back to the country to mitigate the economic crisis.

“The President should consider lending the money to the government so Kenyan can stop paying huge interest rates for loans from the international market,” he said.

Churchill said investigations must also be done to establish whether the offshore wealth was legitimately accumulated and if the law followed.

“We may not at this point conclude that the wealth was illegally acquired but that should form the basis of the investigations,” Churchill said.

Details of the Kenyatta family’s offshore wealth were brought to light by the Pandora Papers, a collection of more than 11.9 million records from 14 law firms and other service providers.

Documents show that a foundation called Varies was set up in 2003 in Panama, naming Uhuru’s mother, Ngina, 88, as the first benefactor.

Uhuru is named as the second benefactor, who would inherit it after his mother’s death.