President Uhuru Kenyatta and six members of his family have been linked to secretly owned offshore companies in an exposè that has revealed how they have stashed billions of shillings in offshore accounts.
The report indicates that Mama Ngina was instituted as a benefactor of an organisation set up in 2003 in Panama and is entitled to receive capital and income from it with the foundation identified as Varies Foundation controlling unknown amount of money.
"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 regulations." The Pandora Papers revealed.
Reports now indicate that the foundation, whose creation was spearheaded by Union Bancaire Privee Lawyer Othame Naim will see Uhuru take over the foundation from Mama Ngina and will be in charge of its entire capital and income.
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