17 Tanzanians have $198m in Swiss bank accounts: report

What you need to know:

  • The revelation comes in the wake of confirmed reports that French authorities sit on leaked data from HSBC, which could give a breakthrough in Tanzania’s investigation into the much-reported Swiss billions.
  • Two years ago, a report listed Kenya as one of the African countries with hidden wealth in Switzerland with most of the billions stashed away by influential businessmen and powerful politicians.
  • The money was suspected to be proceeds of Defence and Security related contracts and payments of fake debts.
  • Other countries include Uganda, Egypt, South Africa, Seychelles, Zimbabwe, Senegal, Rwanda, Sierra Leone, Somalia and Sudan.

Dar es Salaam, Monday

At least 17 prominent individuals in Tanzania’s political and business circles have been keeping millions of dollars in HSBC Bank in Geneva, The Citizen has learnt.

The account holders’ list also bears names of three local companies that have stashed millions in the same bank, according to details which this paper has gathered.

The revelation comes in the wake of confirmed reports that French authorities sit on leaked data from HSBC, which could give a breakthrough in Tanzania’s investigation into the much-reported Swiss billions.

Switzerland is one of the countries where, it is alleged, ill-gotten wealth by businesspeople and politicians is hidden.

FRENCH AUTHORITIES

The government established a committee to trace the owners of the $196.87 million allegedly stashed in Swiss banks by Tanzanians, following a private motion tabled by Mr Zitto Kabwe (Kigoma North – Chadema) in 2012.

The names of the Tanzanians and three companies were obtained by French authorities early last year, according to a well-placed source close to the investigation team.

Responding to questions online, the source wrote last week: “I was right; HSBC in Geneva had customers in Tanzania.

“I understand there are up to 17 individuals in Tanzania who had a links with the bank revealed in the data obtained by the French authorities. Another three “contracts” were with a bank and two other entities.”

Two years ago, a report listed Kenya as one of the African countries with hidden wealth in Switzerland with most of the billions stashed away by influential businessmen and powerful politicians. (READ: Sh72bn hidden in Swiss banks)

The money was suspected to be proceeds of Defence and Security related contracts and payments of fake debts. Other countries include Uganda, Egypt, South Africa, Seychelles, Zimbabwe, Senegal, Rwanda, Sierra Leone, Somalia and Sudan.

For the full report go to: www.thecitizen.co.tz