The Unclaimed Financial Assets Authority (Ufaa) is sitting on over Ksh100 billion of unclaimed wealth that has accumulated for years.
The wealth involves idle cash, shares and dividends in most cases belonging to deceased persons who had wealth hidden away from their families.
This explains the few claims in the last few years, with the Authority revealing that it received 2,315 claims between October and December 2021 worth Ksh270 million.
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Since 2014 to date, 23,134 claims have been made seeking Ksh1.5 billion, with only Ksh989 million being approved and dispatched to owners.
“Claims amounting to Ksh1.5 billion from 23,134 claimants have been received to date. Out of these, 13,940 claims (valued at Ksh989 million), 23,920,854 units of shares, 35 safe deposit boxes and 15 Unit Trust have been reunited,” Ufaa told a local daily.
Most of the idle cash is held by insurance companies, banks, pension schemes, law firms, mobile phone money wallets and Saccos.
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The stock market is holding Ksh30 billion emanating from one billion shares while unit trust funds hold Ksh55 million for close to 10 million unit trust portfolios. Ufaa on the other hand is holding Ksh23.1 billion in cash and Ksh120 million in foreign currency.
Idle assets are valued at Ksh54.8 billion as of December 2021 as compared to Ksh50.9 billion in June 2021.
The Authority is also holding 2,949 safe boxes containing jewellery, title deeds, share certificates and Treasury bills rose.
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Apart from the deceased, the unclaimed wealth is associated with billionaire tycoons, former powerful government officials and prominent politicians.
Cash in bank accounts is declared unclaimed after staying dormant for over five years, while bankers cheques are handed over to Ufaa if not cashed within two years. Contents in safe deposit boxes are declared unclaimed if no one claims ownership within two years.
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