President Uhuru Kenyatta's critics have now begun piling pressure on him following the Pandora Papers that disclosed the billions of offshore investments. President's critics now say that he should wire home the billions to help create jobs.
Uasin Gishu County Women Representative acknowledged that it isn't illegal to operate offshore properties but added that it is immoral for the head of state to operate foreign bank accounts.
As Kenyatta family offshore investments leave Kenyans talking, new information has emerged revealing that over Sh1 trillion which is about one third of Kenya’s yearly budget was wired back to Kenya within three years up to 2019. This money is said to have been wired into the country from offshore investments and accounts as it is revealed that the owners took advantage of tax amnesty which the National Treasury had offered.
However, putting aside the Pandora Papers by the ICIJ yet another study entitled "Elite Capture of Foreign Aid: Evidence from Offshore Bank Accounts" indicated that the Kenyan political elites during the Late President Daniel Moi and President Mwai Kibaki regimes stashed over Sh327.89 billions into offshore bank accounts. This is said to have been achieved within two decades.
Another international report was released back in 2007 which revealed that a corrupt network during the Moi regime looted more than Sh130 billion and these billions were hidden abroad, in offshore accounts.
These reports have disclosed how the ruling political elites in Kenya have been enriching themselves. Details claim that the elites use foreign aids cash or kickbacks from donor funds to enrich themselves.
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