The Unclaimed Financial Assets Authority (UFAA) has warned public and private institutions holding unclaimed assets that they risk hefty penalties if they fail to release the assets on time.
While revealing that an estimated Sh242 billion was yet to be released to the Authority, the agency said they will begin seizure of non-compliant companies to fast track surrender.
UFAA chairperson Kigo Njenga, speaking during a three-day public sensitisation forum in collaboration with Huduma Kenya and National Government Administration Officers (NGAO) in Thika, Kiambu County, warned that upon the lapse of a moratorium of up to October 31, 2023, the agency will obtain court orders to recover in full, interest and penalties accrued on non-remitted assets.
Currently, the agency holds Sh57 billion worth of unclaimed assets; Sh27 billion in cash and Sh30 billion worth of shares.
‘If the Sh242 billion is ploughed back into the economy, it might make a huge impact on the lives of its owners in this struggling economy,’ he said.
Under the law, unclaimed assets are supposed to be declared and surrendered to the agency and institutions and organisations that default risk a fine of between Sh7, 000 to Sh50, 000 for each day a report on idle assets is withheld or the duty is not performed.
The Authority’s CEO John Mwangi said more sensitisation forums will be conducted to educate Kenyans on how to get their unclaimed assets that lay unused with the agency.
He said they have been to Nyeri, Nakuru and now Thika and will move across the country to ensure Kenyans who owe these institutions get their money back.
On his part, Benjamin Kai Chilumo, the Huduma Center CEO said the institution will partner with UFAA to continue devolving government services to Kenyans.
Beneficiaries led by Joseph Gitai said he is lucky to get Sh200, 000 remitted from previous companies that he used to work in years ago.
He says he will put up some structures or buy a treasure in his house in Gatanga as a remembrance of the money that he never would have gotten.
‘This is a good initiative because some of us would never have remembered that they had unclaimed money. My Sh200, 000 will boost my life. I will buy something to remember the money that I almost lost,’ he said.
Source: Kenya News Agency