President Uhuru Kenyatta is poised to take over an offshore foundation controlling billions of wealth from his mother Mama Ngina, The Pandora Papers report has revealed.
Records obtained by the International Consortium of Investigative Journalists (ICIJ) and shared with over 600 reporters indicated that the Kenyatta family had set up a foundation identified as Varies Foundation in the offshore countries.
The organisation was set up in 2003 in Panama and controls unknown amount of money estimated to run into billions of shillings.
A report by BBC indicates that Mama Ngina was immediately instituted as its benefactor and was entitled to receive capital and income from it.
"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," The Pandora Papers revealed as quoted by the BBC.
"She will also have the right, at all times, to request from the board of foundation any modification of the present regulations."
It was further revealed that Uhuru would take over the foundation from Mama Ngina and will be in charge of its entire capital and income.
The creation of the foundation was spearheaded by Union Bancaire Privée lawyer, Othmane Naïm. It was aimed at managing and sheltering wealth for its beneficiaries.
Union Bancaire Privée is one of the largest private banks in Switzerland and has over the years advised wealthiest people on how to manage their wealth.
The Bank is also said to manage a foundation that was run by Uhuru's brother, Muhoho Kenyatta.
Records from the Panamanian law firm Aleman, Cordero, Galindo & Lee (Alcogal) showed that the Kenyatta family owns seven entities. Two of the entities are registered in Panama while five in the British Virgin Islands.
"One BVI company owned a home in central London, according to the records, and two other companies held investment portfolios worth tens of millions of dollars," read a statement from ICIJ.
Uhuru has been named in the exposé alongside Mama Ngina, his brother Muhoho and sisters Anne Kenyatta and Christine Kenyatta.
