Narok Senator, Ledama ole Kina, has come out to defend his decision to own an offshore account amid the latest expose that linked the first family to multiple offshore accounts.
Speaking during an interview at a local TV station on Tuesday, October 5, the lawmaker stated that his decision to own an offshore account was necessitated by the need to fund the financial needs of his daughter who is in the US.
"An offshore account is one that you use to diversify your investments. Let's say you have a student who is going to school in America like in my case where is a child is a student in America, I have to make sure she has money to use," Ledama stated.
Defending the move, he stated that at the moment there are no laws in the country that prohibits an individual from owning one. But all state officers are barred from owning them without disclosing.
Justifying his stance, Ledama stated that a case of money laundering can only be established where an individual was living a miserable life then all of sudden he starts owning billions that are invested outside the country.
"If there is a case where people are laundering money and sending that to offshore accounts, then we should look into it, but if you are a hardworking Kenyan and decide to invest abroad to secure yourself from the political instability, then that is good," Ledama stated.
He argued that the country right now needs to develop regulations that will guide offshore investments.
"We need a law to allow those with companies outside the country can file taxes here, declare what they have paid as tax out there."
At the same time, Ledama shielded President Uhuru Kenyatta from attacks directed at him stating that the Pandora Papers revealed that he is only a beneficiary of the offshore savings.
"If I were the President and it was my own money I was investing abroad, I would ask whether that is the best thing to do, but if I am a beneficiary, that is a different case. The truth is that if we could invest abroad, we would do it," he insisted.
Uhuru, on his part responding to a report by the International Consortium of Investigative Journalists (ICIJ), stated that he would give a detailed report after his state tour in Barbados.
"These reports will go a long way in enhancing the financial transparency and openness that we require in Kenya and around the globe. The movement of illicit funds, proceeds of crime and graft thrive in an environment of secrecy and darkness," stated the President.
"The Pandora Papers and subsequent follow-up audits will lift that veil of secrecy and darkness for those who can not explain their assets or wealth. Thank you."
The report linked Kenyatta family to offshore bank accounts and companies valued at over Ksh3.3 billion.
