In Kenya, Sh136.2 billion was in bank havens that are secretive and have less regulation, providing a perfect cover to conceal the money trail.
The study compared data on aid disbursements from the World Bank with foreign deposits from the Bank for International Settlements (BIS), focusing on 22 aid-dependent countries including Kenya, Uganda and Tanzania.
Appleby Mauritius advised the Applicant, a minority shareholder which holds stakes in a joint venture company, invested in the transportation of crude oil and other oil products in Africa.
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The micro, small and medium enterprises will enjoy a reduction of the controversial Turnover Tax (ToT), also known as the patriotism tax, from the current three per cent to one per cent.