Unclaimed Financial Assets Authority(UFAA) is hoarding close to Sh.42billiion cash from the dead, a source has revealed.
The cash, mainly recorded in small amounts of Sh.500 and Sh.1000 has remained unclaimed due to identification challenges, at the close of the Authority’s deadline in October 31st.
The source was speaking at the Kenya School of Government in Mombasa, during a meeting for board parastatals, where he added that the bulk of the money is the proceeds of MPESA accounts previously held from dead Safaricom line owners.
According to recent reports, UFAA’s unclaimed assets rose by 23 percent in 2019 with the growth attributed by uncollected salaries, pension dues, matured policies, bank deposits and royalties.
A new report by Auditor-General Nancy Gathungu shows Kenya Power is among State corporations holding unclaimed money illegally.
In a report published by the Business Daily, The power utility risks a Sh1.765 billion penalty for not surrendering unclaimed assets that include dividends and stale cheques as required by the law.
The Auditor-General disclosed that the utility firm was at the end of June last year still holding Sh922 million in its books against the requirements of Unclaimed Financial Assets Act, 2011.
