Unclaimed assets worth billions lie idle in government custody as Kenyan families languish in poverty

Unclaimed assets worth Sh16 billion now lie idle in government custody. (Facebook)
  • In 2019 alone, money lying idle in government custody rose by 23 percent or Sh3 billion.
  • Apart from that, Ufaa is also in possession of unclaimed assets suspected to be worth billions hidden in safes.
  • In a report, the Unclaimed Financial Assets Authority (Ufaa) said the unclaimed assets now stands at Sh16 billion ($160 million).

Unclaimed assets worth billions belonging to Kenyan families are lying idle in government custody as some of their unsuspecting owners are languishing in poverty.

In 2019 alone, money lying idle in government custody rose by 23 percent or Sh3 billion, most of it uncollected salaries, pension dues, matured policies, bank deposits and royalties.

In a report, the Unclaimed Financial Assets Authority (Ufaa) said the unclaimed assets now stands at Sh16 billion ($160 million).

Apart from that, Ufaa is also in possession of unclaimed assets suspected to be worth billions hidden in safes. Last week Ufaa chief executive John Mwangi told parliament the agency was yet to know the value of contents in safe boxes held by various institutions, which could be worth billions of shillings.

The safe boxes scattered across several local banks hold valuables such as title deeds, company incorporation and share certificates, jewellery and firearms and at times illegally stashed local and foreign currency.

In its 2018 end-year disclosure, Ufaa said it was holding 1,451 safe boxes that were yet to be opened and their contents verified.

The report by Ufaa also disclosed that another 12 million shares of listed companies of an undisclosed value had been surrendered. Ufaa said it is now holding 567 million shares, a 2.1 percent rise from 2018’s reported shares of 555 million.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Kenyans can now travel to 72 countries without a visa

Kenyans can now travel to 72 countries without a visa

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Willy Paul wins against Diana Marua in court

Willy Paul wins against Diana Marua in court

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

Guardian Angel weds Esther Musila in private wedding [Photos]

Guardian Angel weds Esther Musila in private wedding [Photos]

I'm not in the US - Eddie Ndichu's photos explained

I'm not in the US - Eddie Ndichu's photos explained

Kenyans rate Kabogo's Karate skills [Video]

Kenyans rate Kabogo's Karate skills [Video]

Zuchu forced to apologize to fans after viral video raised eyebrows

Zuchu forced to apologize to fans after viral video raised eyebrows