Kenya’s Super rich holds Sh 14 trillion in offshore havens – Is UHURU, RUTO and RAILA ODINGA among them?

Thursday October 11, 2018-A report released by a global financial firm shows that some wealthy Kenyans have hidden Sh 14 trillion abroad.

The report by US's National Bureau of Economic Research (NBER) says that Super rich Kenyans are holding more than Sh14.8 trillion in offshore tax havens across the world.

The hidden money is enough to run the country’s budget for five years and can also retire the mountain of debt (Sh5.1 trillion) that has caused pain through heavy taxation of basic commodities and service as well as fund the housing pillar of the Big Four agenda that requires Sh7 trillion.

 The fresh data shows that wealthy Kenyans holding undisclosed funds in foreign banks have ignored a State tax amnesty to declare the money and repatriate it.
When reading the budget estimates last year, Treasury Cabinet Secretary, Henry Rotich appealed to Kenyans who are hiding the money abroad to re-invest back in the country to foster economic growth.
Part of the money, according to the report is kickbacks from international companies, money stolen by state officers and also money hidden by rogue banks CEOs.

The Kenyan DAILY POST

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