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Wednesday, October 6, 2021 – As Kenyans continue to wrap their heads around the latest expose by Pandora Papers, linking President Uhuru and his family to multibillion-shilling assets offshore, it has emerged that the Kenyatta family is not alone.
This is after former Prime Minister Raila Odinga’s ally and Narok Senator, Ledama ole Kina, also confessed to owning an offshore account.
Speaking during an interview yesterday, Ledama came out to defend his decision to own an offshore account.
He 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 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.
The Kenyan DAILY POST