• April 15, 2024
  • Last Update April 15, 2024 8:58 AM
  • Nairobi

Senator Ledama Explains Why He Owns an Offshore Account

Narok Senator Ledama Ole Kina has defended the decision by politicians and other businessmen to own and operate offshore accounts.

This is at the back of the Pandora Papers expose’ that was released by the International Consortium of Investigative Journalists (ICIJ) which revealed how world leaders have stashed billions of dollars abroad.

Speaking during an interview on a local TV station on Tuesday, October 5, 2021, the Narok legislator revealed that his need to operate an offshore account was occasion by his daughter’s pursuit of studies 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.

The senator argued that there is no law in Kenya that prohibits anyone from owning an offshore account, however, noted that public servants are required to disclose theirs if any.

Ledama stated that probe into money laundering through foreign accounts should be guided by the simple fact of quick wealth accumulated by any person and stashed abroad.

“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 added that the country needs to establish laws governing foreign 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,” he said.

Ledama proceeded to defend President Uhuru Kenyatta from the criticism directed towards him following the Pandora Papers expose’, arguing that the investigation only revealed that the Head of State is a beneficiary of 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 stated.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *