The Unclaimed Financial Assets Authority( UFAA) has reported that about 447 companies and institutions collectively hold unclaimed assets worth Ksh 241 billion that need to be passed on to their rightful owners.
The assets holders include banks, SACCOS, pension schemes and utility firms.
According to UFAA’S newly appointed CEO John Mwangi, the holders have only submitted Ksh 13.1 billion in cash, Ksh 56.4 million unit in shares and 1,451 safe deposit boxes to the authority to date. The authority receives the unclaimed assets and puts them in a trust fund until a claim is submitted with proof. The assets are then passed to the rightful owner and payments made to the claimant.
Mr Mwangi further states that the institutions are still holding on assets belonging to thousands of families who are not aware that they have assets they need to claim. He says that if the CEOs of these institutions fail to comply and pass the assets to their rightful owner, they will face a penalty of not less than Ksh. 1 million or a 1-year jail term.
For the last 5 years, only 7000 claimants have lodged their claims with the authority. In that period, the authority has paid out more than Ksh 421 million in cash and 1.3 million units of shares.
For anyone wishing to find unclaimed assets belonging to them or their family members, they are encouraged to check whether they are listed on the UFAA website or use the shortcode *361#.
Related:
UFAA Appoints new CEO as unclaimed assets hit Sh 240B
Banks submit Ksh 3.3 Billion to Unclaimed Assets Authority out of the total Ksh 5.1BN
