Government holding Sh53 billion that has no owner

As of last year November, Sh13 billion and property worth Sh40 billion was held by Unclaimed Financial Assets Authority (Ufaa).

Ufaa is the state authority that takes valuables that no one claims immediate ownership.

In the event that an owner of a property does not take any action during certain duration by law, to indicate his/her ownership, interest, or awareness, that property will be regarded as unclaimed. As a result of such developments, it then comes a responsibility of the holding institution to report it to the proper state agency. The modern rationale for such arrangement is that the state can best preserve and protect the interest of the rightful owner and possibly reunite the owner with his/her property

The authority is at the helm of appointing a new executive who will link the wealth to its owners.

One of the major reasons why money end up in the authority is sudden death. People who die without disclosing their wealth to custodian end up having their money kept by the authority.

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