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Browsing: political elites
- The firms exploit legal loopholes to steal, they exploiting gaps in beneficial ownership laws to repatriate billions of profits in the mining sector
- According to the report, Kenya’s mining industry has the potential to contribute 4-10 percent of the country’s gross domestic product.
- The country earned Sh300 billion from the mining sector last year.
Corrupt individuals in Kenya are exploiting gaps in beneficial ownership laws to repatriate billions of profits in the mining sector, limiting its contribution to the general economy.
A new report released by the Global Financial Integrity (GFI) dubbed ‘Illicit Financial Flows Related to Beneficial Ownership in the Mining Sector in Kenya’ regrets that several billions have been lost over the years.
According to the report, Kenya’s mining industry has the potential to contribute 4-10 percent of the country’s gross domestic product.
…“Unfortunately, the sector contributes less than a percentage of the country’s GDP which is significantly