UHURU LOSES 6 MULTI-BILLION PROPERTIES.

The family of former President Uhuru Kenyatta has been in the spotlight in recent weeks. President William Ruto and DP Rigathi Gachagua have accused powerful figures in previous administrations of evading their taxes, and have maintained that they will ensure everyone pays taxes.

Ruto accused these individuals of sponsoring anti-government rallies to avoid paying their taxes. Taking a cue, Kenya Kwanza leaders including multiple Senators have pointed a finger at the former President and his family, demanding that they pay taxes.

The family’s wealth including massive land holdings grew significantly in the independence years under Kenya’s first President Jomo Kenyatta. His widow, Mama Ngina Kenyatta, is credited with overseeing the family’s diversification into various sectors with the family having its foot in sectors including financial services, dairy processing, hospitality, real estate, media and more.

The leak of the ‘Pandora Papers’ in 2021 also exposed several offshore assets owned by members of the family, including one company with $30 million in stocks and bonds.

In a 2018 BBC interview, former President Uhuru Kenyatta maintained that his family’s wealth was acquired legally, and known to the public.

“As I have always stated, what we own – what we have – is open to the public. As a public servant I’m supposed to make my wealth known and we declare every year,” he stated. “If there’s an instance where somebody can say that what we have done or obtained has not been legitimate, say so – we are ready to face any court.”

Here, Business Today looks at some of the family’s known assets including stakes in major companies, offshore investments and land holdings

  1. NCBA Group

The Kenyatta family holds a 13.2% stake in NCBA Group, Kenya’s third-largest bank by asset value. For the year ended December 2021, the family received a dividend pay out of  Ksh625.5 million – the highest dividend payout among the bank’s shareholders.

2. Brookside Dairy Limited

Brookside Dairy Limited is the largest processor of dairy products in Kenya, with revenues in the billions of shillings. As of 2019, it had a 45% market share according to the Kenya Dairy Board (KDB). Its closest competitor, government-owned New KCC, was a distant second with 25%.

French food processor Danone in 2014 bought a 40 per cent stake in Brookside , with the Kenyatta family retaining a controlling stake. The transaction offered a glimpse into Brookside’s books, as it disclosed the company generated Ksh15.4 billion in sales in the previous year, dwarfing many NSE-listed firms.

3. Mediamax

Mediamax is one of Kenya’s largest media companies. Its assets include K24, The People’s Daily and Kameme FM. The Kenyatta family acquired the company from K24 founder Rose Kimotho, whose company defaulted on a bank loan.

4. Heritage Group

The Kenyatta family has also invested heavily in hospitality through the Heritage Group of Hotels, a chain of high end hotels in Kenya. Their properties include Voyager camp and beach resort in Tsavo and Mombasa, Kipungani Explorer on Lamu island, Intrepids camps in Samburu and the Maasai Mara, Golf Hotel in Naivasha, The Great Rift Valley Lodge and Mara Explorer camp.

5. Offshore Accounts

The leak of the Pandora Papers in 2021 as part of a global investigation offered a glimpse into the Kenyattas’ offshore investments. Among them was a company with stocks and bonds worth $30m (Ksh4.5 billion). The family had registered foundations and companies in Panama, which is known for the ability it offers individuals to conceal their ownership of funds and assets.

One of the Kenyatta companies bought an apartment in central London valued at around $1.3 million, according to filings at the UK Land Registry. The prime property was until recently rented by British MP Emma Ann Hardy.

Hardy’s spokesperson stated at the time that she had “absolutely no knowledge” of who owned the property.

6. Land holdings

The exact size of the Kenyattas’ land holdings is unknown, but the family has vast tracts in several different parts of the country. Before leaving office, former President Uhuru Kenyatta acquired a 1,000 acre ranch in Oloolmongi, Lolgorian district in Trans Mara, Narok. He has been spotted in Narok numerous time since leaving State House.

The ranch overlooks the Mara triangle – a wildlife-rich area managed by the non-profit organization The Mara Conservancy. It is typically less visited and crowded compared to the Maasai Mara National Reserve, and is one of the prime viewing locations for the Great Wildebeest Migration.

By business today

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