Pandora Papers: 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.
Shocking ways rot at Kenya Power has messed up Kenyans
“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.
According to the BBC, others who have been mentioned in the papers include the following:
- Members of Pakistan Prime Minister Imran Khan’s inner circle, including cabinet ministers and their families, secretly own companies and trusts holding millions of dollars
- The law firm founded by President Nicos Anastasiades of Cyprus appears to have provided fake owners to disguise the real owner of a series of offshore companies – a former Russian politician who had been accused of embezzlement. However, the law firm denies this
- Ukraine’s President Volodymyr Zelensky transferred his stake in a secret offshore company just before he won the 2019 election
- Ecuador President Guillermo Lasso, a former banker, replaced a Panamanian foundation that made monthly payments to his close family members with a trust based in South Dakota in the US
