Browsing: debt ceiling

The recent leaked Pandora papers have shown how African leaders have directed their investments towards other countries and kept the investments a secret to avoid taxation and hide their wealth.

Leaders exposed by the papers include Presidents Denis Sassou-Nguesso of DRC, Uhuru Kenyatta of Kenya, and Patrick Achi of Cote d’Ivoire, among 46 other politicians.

The papers showed that Sassou owned a company that controlled diamond mines. Seven members of the Kenyatta family were linked to at least seven offshore companies and foundations. Through Union Banque Privée (UBP), the Kenyatta’s set up three foundations to avoid inheritance tax and hide their extensive wealth.

The foundations were suspended after failing to pay annual taxes, law firm Algocal says.