Unclaimed Financial Assets Authority (UFAA) is set to be the custodian of 802 million unclaimed shares following the lapse of the August 31 deadline to claim ownership of the stocks. The move will see the over 802 million shares worth KSh26 billion as of 30 June 2020 transferred from companies and private firms to UFAA’s account.
According to John Mwangi, UFAA CEO, the authority is a licensed non-trading Custodial Depository Agent (CDA). He adds that the Authority will consolidate the residual share units in the CDA to facilitate liquidation.
UFAA required the owners or beneficiaries of the unclaimed shares to obtain a holders’ letter from the shares registrar and submit their claims on the agency’s website by end of August. Once transferred the Authority can participate in company meetings and receive dividends.
Mwangi adds that in six years, holders’ have surrendered assets worth Ksh16.7 billion in cash and reported 802 million units of shares, 1,592 safe deposit boxes and assorted units trusts. Consequently, the Authority has received claims amounting to about Ksh700 million and 5 million units of shares from about 10,000 claimants. Out of these, claims amounting to about KSh450 million and over 4 million units of shares have been reunited with about 5,000 claimants.
UFAA is a department under the Treasury tasked with reuniting Kenyans with abandoned assets in insurance companies, long-forgotten bank accounts, pension funds, mobile money wallets, shares, matured life policies, dividends, and courts refunds. Upon receipt of such assets, the Authority holds them in trust and eventually reunites rightful owners and beneficiaries with their ‘lost’ money.
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