An expose that was published by the British Broadcasting Corporation (BBC) has revealed a shadowy network of companies and offshore accounts that world leaders have been using to stash billions of money. Among these leaders is Kenya’s president Uhuru Kenyatta.
According to the BBC, President Uhuru and six of his family members are among leaders who have been exposed in one of the biggest leaks of financial documents.
“Kenya President Uhuru Kenyatta and six members of his family secretly owned a network of offshore companies. They have been linked to 11 firms – one of which was valued as holding assets of $30m (Sh. 3.31 billion),” the BBC said, quoting the the files from offshore companies, dubbed the Pandora Papers.
The Pandora Papers files are the latest in a string of leaks over the past seven years, following the FinCen Files, the Paradise Papers, the Panama Papers and LuxLeaks. The examination of the files is the largest organised by the International Consortium of Investigative Journalists (ICIJ), with more than 650 reporters taking part.
“Some figures are facing allegations of corruption, money laundering and global tax avoidance. But one of the biggest revelations is how prominent and wealthy people have been legally setting up companies to secretly buy property in the UK. The documents reveal the owners of some of the 95,000 offshore firms behind the purchases,” the BBC reported.
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