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Kenya to receive kshs. 444 Million in stolen assets stashed abroad – UK High Commissioner Confirms

Kenya is to receive the first transfer of KSh 444 Million in stolen assets stashed abroad.

This is part of ‘The Framework for the Return of Assets from Crime in Kenya’ initiative signed two years ago between Kenya and other partners.

 

“The first transfer under the agreement stands to return KSh 444 Million in stolen assets that will be channelled towards COVID-19 RECOVERY through essential medical equipment and supplies,” said Jane Marriot, UK High Commissioner to Kenya in Nairobi.

She said this is just one step in a long journey to tackle the global problem of corruption. Kenya signed this deal with the UK, Switzerland as well as Jersey.

The return of stolen assets to Kenya is happening as the world celebrates the International Anti-Corruption Day is commemorated on December 9th, 2020.

While progress has been made in Kenya by the Director of Public Prosecutions and the Auditor General’s offices, more needs to be done to strengthen these institutional structures.

In November 2020, Kenya’s Ethics and Anti Corruption Commission(EACC) disclosed that some KSh 25 Billion worth of stolen assets had been recovered over the last five years.

The Kenya Government has been on the trail of billions of dollars believed stolen during former President Moi’s rule, stashed in British bank accounts.

This cash is believed to have been stolen from several public projects, including money set aside for roads, hospitals, and dams, among other mega projects.

More than KSh 200 Million is still being held in Swiss Accounts as part of investigations into the yet to be resolved Anglo-leasing scum that was executed during the former President Mwai Kibaki regime.

Other billions are reportedly frozen in many offshore accounts, cash believed to have been carted away by unnamed political operatives and business moguls linked to past administrations in Kenya

Kenya was in October ranked the top nation in Africa where money laundering, tax evasion, and concentration of untaxed wealth is rampant.

According to the Financial Secrecy Index of the Tax Justice Network, Kenya is ranked at position 24 globally and ahead of Nigeria(34), Angola(35), Egypt(46) Mauritius (51), Cameroon(53) and South Africa(58).

Kenya Wallstreet / Press release

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