Kenyan Govt Holds Sh16bn Unclaimed Assets That Heirs Know Nothing About
Idle money that is being held by the Kenyan government rose by 23pc in 2019, that is an equivalent of Sh3 billion, most of it being uncollected salaries, pension dues, matured policies, bank deposits and royalties.
Unclaimed Financial Assets Authority (Ufaa) says the government now holds about Sh16 billion that Kenyan families, some of which may be in dire need of money are unaware of its existence.
The report by Ufaa also disclosed that about 12 million shares of listed companies of an undisclosed value had been surrendered. This indicates a trend where spouses who distrust one another with information on private property die with no family members showing to claim.
Ufaa said it is now holding 567 million shares up from from 2018’s reported shares of 555 million, a 2.1pc rise .
Ufaa chief executive John Mwangi told parliament last week that the agency was yet to know the value of contents in safe boxes held by various institutions around the country which could be worth billions of shillings.
The safe boxes hold valuables such as title deeds, company incorporation and share certificates, jewellery and firearms and at times illegal local and foreign currency.
Speaking to MPs last week, Mr Mwangi said Ufaa had received another bunch of 962 safe boxes, with Barclays Bank( now ABSA), holding 854, Standard Chartered Bank (80), Guardian Bank (15), Habib AG Zurich (8) Guaranty Trust Bank (3) and Ecobank (2).
In its 2018 end-year disclosure, Ufaa said it was holding 1,451 safe boxes that were not opened and their contents needed to be verified.
According to the law, the contents of the safe boxes are supposed to be auctioned in order to enable the banks recover renting fees and the safe box repair cost, with the remaining value surrendered to Ufaa, which in turn holds the same in trust until the owners are traced.