Kenya has been ranked 58th among countries with the highest dollar deposits in Swiss banks, at Sh51.18 billion ($559.8 million).
The Swiss Leaks report, compiled by the International Consortium of Investigative Journalists, states that the figure is the total by 742 clients.
About 460 of them collectively hold 1,093 accounts opened between 1975 and 2006, the report says.
The account linked to Kenya with the highest amount of money deposited by an unnamed person has Sh3.27 billion.
The only named owner of a Kenyan account is Machakos Senator Johnstone Muthama, but the amount is not indicated.
The report says Muthama is the executive chairman of Muthama Gemstones (Kenya), an international company that deals in mines and precious stones.
“HSBC files recorded Muthama’s name in connection with the client account “ROCKLAND96”, which was set up in 1996 and closed in 2000. Muthama was also linked to the numbered client account “20443NM” over the same period,” the report says.
“Bank files listed eight of his relatives – named Nduya Muthama – also linked to the numbered account. The leaked files do not specify the exact role that he (Muthama) had in relation to the accounts.”
Muthama told ICIJ that the account was for a mining company.
“This [the Swiss account] was necessary because of my foreign directors and partners,” he said.
“The account was opened to facilitate remittance of funds into one central account for the sole purpose of purchasing mining equipment and spare parts. Once the mine was set up, the account was consequently closed.”
ICIJ said those named in the report have not necessarily engaged in illegal activities.
“There are legitimate uses for Swiss bank accounts and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Swiss Leaks interactive application have broken the law or otherwise acted improperly,” the organisation said.
