Un­claimed cash hits Sh10.4bn in Oct as 87 more firms com­ply

Author­ity asks pub­lic to check with it to con irm if their kin are listed

Business Daily (Kenya) - - MONEY & MARKETS - James Kar­iuki jkar­iuki@ke.na­tion­media.com As at Sept 30 only a pal­try Sh56.6m had been paid to claimants Ms Kellen Karuki, Un­claimed Fi­nan­cial As­sets Author­ity chief ex­ec­u­tive.

Un­claimed as­sets (cash) sta­tus as at 6th Novem­ber 2017

Un­claimed cash held by the gov­ern­ment has risen to Sh10.4 bil­lion from Sh8.75 bil­lion last month after 87 more com­pa­nies ob­served the Oc­to­ber 31 re­port­ing dead­line.

At least 250 firms had pre­vi­ously filed.

Un­claimed Fi­nan­cial As­sets Author­ity (UFAA) chief ex­ec­u­tive Kellen Kar­iuki said its au­di­tors would con­tinue work­ing with reg­u­la­tory agen­cies to scru­ti­nise books of var­i­ous com­pa­nies to en­sure all un­claimed cash is sur­ren­dered.

She called on Kenyans to from time to time check the UFAA web­site (www.ufaa.go.ke) to as­cer­tain the sta­tus of their de­parted fam­ily mem­bers or ag­ing par­ents.

All pub­lic and pri­vate en­ti­ties are by law re­quired to re­mit un­col­lected salar­ies, pen­sions, al­lowances, re­tire­ment ben­e­fits, se­cu­ri­ties among other mon­e­tary as­sets to the UFAA.

Ac­cord­ing to the UFAA, value of un­claimed cash de­nom­i­nated in the Kenya shilling ac­count rose from Sh8.3 bil­lion to Sh10.1 bil­lion, un­claimed cash re­ceived in dol­lar was val­ued at Sh296 mil­lion, up from Sh241 mil­lion re­ported last Septem­ber.

“Mem­bers of the pub­lic must con­tin­u­ally visit the web­site to check whether any of their fam­ily mem­bers is listed in the un­claimed as­sets data­base. It is in the own­ers/ben­e­fi­cia­ries in­ter­est that we hold in­for­ma­tion re­lat­ing to the value of as­sets in con­fi­dence.

“Our call is for all to lodge claims of their money for re­uni­fi­ca­tion. The Un­claimed Fi­nan­cials As­sets Act, 2011 pro­vides for per­pet­ual cus­tody and re­uni­fi­ca­tion,” she said.

Ms Kar­iuki said while in Septem­ber 241,346,342 units of shares worth Sh17.1 bil­lion was re­ported, UFAA was still con­sol­i­dat­ing re­ports of shares, unit trusts and other cat­e­gories of un­claimed fi­nan­cial as­sets as at the end of the com­pli­ance pe­riod.

By Septem­ber 30, only a pal­try Sh56.5 mil­lion has been paid to claimants with claims worth Sh161.2 mil­lion now be­ing pro­cessed.

The UFAA has since signed col­lab­o­ra­tion agree­ments with reg­u­la­tory agen­cies re­quir­ing all com­pa­nies seek­ing re­newal of li­cences to seek clear­ance from the UFAA be­fore they are al­lowed to con­tinue op­er­at­ing.

Util­ity com­pa­nies as well as tel­cos op­er­at­ing mo­bile pay­ments are also re­quired to file re­turns and sur­ren­der un­claimed funds.

Any­one lodg­ing a claim must show proof of iden­tity by fill­ing an on­line ap­pli­ca­tion form while fam­i­lies seek­ing re­fund for a de­ceased rel­a­tive must first seek a nod to ad­min­is­ter the es­tate of the de­parted rel­a­tives in court be­fore fil­ing their claim.

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