Nelly
Member
Unclaimed cash, shares and dividends surrendered to a State agency have crossed the Sh50 billion mark as investors including tycoons show disinterest in reclaiming the idle assets.
Unclaimed Financial Assets Authority (Ufaa) on Monday revealed the idle assets stood at Sh51.4 billion in December, up from Sh43 billion in June, reflecting a growth of 19 per cent.
Many Kenyans, said the authority, remain disinterested in pursuing funds legally belonging to them or their families.
Billionaire business owners, former powerful government officials and prominent politicians are on the long list of individuals whose shares worth Sh31.9 billion have been surrendered to the Treasury, up from Sh26.3 billion in June and Sh16.42 in 2017.
The authority reckons it had received Sh19.9 billion cash in local and foreign currencies up from Sh16.7 billion in June.
Surrendered safe boxes that are believed to contain jewellery, title deeds, share certificates and Treasury bills rose to 1,953 units from 1,592 in June.
Former Vice-President Kalonzo Musyoka, Bungoma Senator Moses Wetang’ula, the late Bomet Governor Joyce Laboso and late First Lady Lucy Kibaki are among the list of prominent Kenyans whose funds have helped swell the unclaimed assets fund.
Unclaimed Financial Assets Authority (Ufaa) on Monday revealed the idle assets stood at Sh51.4 billion in December, up from Sh43 billion in June, reflecting a growth of 19 per cent.
Many Kenyans, said the authority, remain disinterested in pursuing funds legally belonging to them or their families.
Billionaire business owners, former powerful government officials and prominent politicians are on the long list of individuals whose shares worth Sh31.9 billion have been surrendered to the Treasury, up from Sh26.3 billion in June and Sh16.42 in 2017.
The authority reckons it had received Sh19.9 billion cash in local and foreign currencies up from Sh16.7 billion in June.
Surrendered safe boxes that are believed to contain jewellery, title deeds, share certificates and Treasury bills rose to 1,953 units from 1,592 in June.
Former Vice-President Kalonzo Musyoka, Bungoma Senator Moses Wetang’ula, the late Bomet Governor Joyce Laboso and late First Lady Lucy Kibaki are among the list of prominent Kenyans whose funds have helped swell the unclaimed assets fund.