The Unclaimed assets Authority has netted a total of Ksh 5.1 Billion from both the private and public institutions having closed the deadline for remittance.The amount is to be given out to a list of 1.6 million beneficiaries that lies with the authority.
The Authority in its website show that Banks were the biggest contributors with a total of 3.3 Billion,representing 64.8% of the total returned assets.
Nairobi Stock Exchange brokers were second with a total remittance of Ksh 875 Million which equals 17.2%.
Insurance sector was third with 524 Million equalling 10.3% contribution to the unclaimed assets basket.
The Telecoms sector forwarded a total of Ksh 304 Million which represents 6% of the total remitted amount but the authority didn’t give a breakdown of the each company’s contribution.
The pension fund schemes handed in Ksh 22 million and saccos Ksh 3 million while others surrendered Ksh 70 million.
The Authority says its also preparing to send both regular and forensic auditors to private and public institutions to ascertain correctness and completeness of reports and assets submitted for the just ended reporting period.This an effort to get hold of some institutions that never complied with the directive or might have given out underestimated figures.
The Unclaimed Financial Assets Act, 2011, which established the Authority, requires a holding entity to submit a report and remit assets presumed abandoned on or before the first day of November of each year for the twelve-month period ending on the immediately preceding thirtieth day of June. This deadline lapsed on first November 2015.
