This archive report was first published on 19 December 2019.
On December 19, 2019, Unclaimed Financial Assets Authority (Ufaa) reported that companies and public entities had surrendered another Sh2 billion in unclaimed assets, bringing the total amount to Sh15 billion.
This disclosure follows the end of the 2019 reporting period, when companies and public entities were expected to report and surrender uncollected monies to the Ufaa.
According to the Ufaa, stockbrokers surrendered 12 million units of an unknown value, bringing the total number of shares held by the agency to 567 million, valued at approximately Sh25 billion.
As of the reporting period, Sh400 million had been paid out to claimants, with another 7,000 Kenyans lodging fresh claims.
Ufaa's Chief Executive, John Mwangi, emphasized the agency's commitment to reuniting claimants with their lost cash, stating, 'Our number one job is to make sure you are reunited with your long lost cash.'
Earlier, a Ufaa study revealed that 477,112 institutions were holding Sh241 billion 'lost' funds that belonged to Kenyans who had retired or died unaware of the existence of such wealth.
Interior Secretary Fred Matiang'i has directed chiefs to use data provided by the Ufaa to trace the owners or their family members, aiming to improve the livelihoods of Kenyans who might be suffering while family wealth lies idle in government treasure troves.
The Ufaa has warned non-compliant company chief executives and owners that they risk a Sh1 million fine or a year in jail, while companies failing to remit risk paying a penalty of up to 25 percent value of the unsurrendered funds.
