Written by
Faridah N Kulumba
Africa-Press – Kenya. Orange for Democratic Movement leader Raila Odinga has defended Kenyan President Uhuru Kenyatta and his family for having offshore accounts saying that it is acceptable as long as their owners can explain how they opened them.
Raila who’s vying for Kenyan presidency 2022, noted that he does not have any offshore accounts, insisting that all his money is banked in Kenya, but however believes that having such accounts is okay for any one so long as they account for it, Tuko reports.
According to Raila, the focus should not be on the accounts, but on how the money on it was acquired.
The Kenyatta’s offshore assets
On 03 October 2021, Pandola Papers Leaks linked President Uhuru and six of his family members to anetwork of offshore componies, one of which reportedly holds assets valued at KSh 3.31 billion.
The report exposed how Uhuru and his family members have secretly been accumulating wealth through their offshore companies, due to the revelations which were made from the records obtained and shared by the International Consortium of Investigative Journalism (ICIJ).
The caches
The ICIJ discovered the first family’s offshore investments in Panama, the British Virgin Islands and other havens, but according to CNN most of the Kenyatta’s offshore companies were created before Uhuru Kenyatta was elected Kenya’s fourth president in 2013.
Invoices from Alcogal in Panama to Union Bancaire Privee, one of the private banks in Switzerland, show that the Swiss adviser referred to the Kenyatta’s with a code “client 13173”
The Kenyatta’s offshore wealth is part of an estimated half-billion-dollar family fortune.
Uhuru’s response
On Monday 4, President Uhuru issued a statement saying that the report 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, Uhuru said the movement of illicit funds, proceeds of crime and corruption thrive in an environment of secrecy and darkness.
The Pandola Papers and subsequently follow-up audits will lift the veil of secrecy and darkness for those who can not explain their assets or wealth.
