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Kenyan tycoons hiding over 15 trillion abroad

Kenyan tycoons hiding over 15 trillion abroad

Kenyan tycoons have stashed more than 15 trillion abroad, American think tank National Bureau of Economic Research (NBER) has unearthed.

About 33% of this money is what is required to clear Kenya's public debt which stand at 5.1 trillion.

The budget for 2018/2019 is about 3 trillion which means the remaining money in offshore accounts can run the country for 3 years.

“Among the countries that created a lot of shell companies (relative to the size of their economy), one finds Jordan, Russia, Taiwan, the U.A.E.,

Venezuela, Zimbabwe and Kenya — which all have high offshore wealth to GDP ratios,” the report says.

A big portion of this money is believed to have been ill-gotten either through tax evasion or as proceeds of corruption.

The Treasury had n the 2017/18 Budget statement asked Kenyans who had concealed money abroad to be repatriated.

The NBER report suggests that the Treasury should introduce more incentives to encourage investments in the country.
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