Wealthy Kenyans Stash More Billions in Foreign Accounts

The amount of cash stashed by wealthy Kenyans in foreign accounts increased in 2017 despite spirited efforts by the government to have the assets returned to Kenya.

Money hidden by Kenyans in Swiss accounts grew by 4.3 per cent to Swiss francs 950 million (Sh96 billion) last year, up from 911.4 million (Sh92.1 billion) in the previous year, Business Daily reports.

The new amount, which can fund the setting up of three equivalents of Thika superhighway, was disclosed in a new report by the Switzerland's central bank, Swiss National Bank (SNB).

The Sh96 billion include deposits from Kenyans and fiduciary liabilities held in Swiss banks in trust on behalf of Kenyans.

Recently, Kenya and Switzerland signed an agreement for the reclamation of cash and property acquired through proceeds of graft and hidden abroad.

The pact was inked by President Uhuru Kenyatta and his Swiss counterpart, Alain Berset during his two-day official visit to Kenya two weeks ago.

“We have seen, in the last few months, a new intensity in the fight against corruption in Kenya. Quite frankly, my administration has shown that corruption cannot, and, will not, be tolerated,” President Kenyatta said after signing the deal at State House, Nairobi.