Kenyans are shying away from claiming
the Sh8.73 billion idle cash surrendered to the State, the Unclaimed
Financial Assets Authority has said.
The agency is struggling to re-unite the cash with their rightful owners or beneficiaries, some of who have been notified.
“We
have written to many people to come forward and claim their hard-earned
money but surprisingly, most are not doing so,” chief executive Kellen
Kariuki said.
UFAA said the names of the owners and
their last known addresses have also been published on the authority’s
website to facilitate online enquiries.
Unclaimed
assets include money in bank accounts which have been dormant for more
than five years, bankers cheques not cashed and contents in safe deposit
boxes unclaimed for more than two years.
Others are
life insurance policies unclaimed for more than two years and shares
whose dividends have not been collected for more than three years.
Only claims fully supported by documents are paid out
as stipulated under the Unclaimed Financial Assets Act 2011 and
attendant regulations.
By June 30, a paltry 3,039
claims amounting to Sh139.6 million, or 1.6 per cent of the of cash in
the trust fund, had been lodged since processing of claims started in
early 2016 after regulations were gazetted and a claims policy passed by
the agency’s board.
About Sh37.7 million, or 0.43 per
cent of the total surrendered cash, has been paid to 419 claimants,
underlining the weight of the issue. Assets of prominent families are
among those surrendered to the State as unclaimed property.
They
include former presidents Daniel arap Moi and Mwai Kibaki, deputy
president William Ruto, former vice president Kalonzo Musyoka, father of
former US President Barack Obama and former Interior CS Joseph
Nkaisserry.
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