Interior Cabinet Secretary Dr Fred Matiang’i has announced a new partnership that would ensure over 200 billion shillings and another 13 billion cash are returned to their rightful owners.
These are sums of money, assets or shares held by the Government in trust for members of the family of a deceased person.
However, not all persons are eligible to claim these funds with only proof of relation as the primary document.
The @UFAAKenya has in its possession Sh13b in cash & over Sh200b in unclaimed assets.This is immense wealth that shouldn't lie idle.I am therefore pleased to collaborate with the @KeTreasury through the Rapid Results Initiative to reunite these assets with the rightful owners. pic.twitter.com/HHu8arvaFp
— Dr. Fred Matiang'i (@FredMatiangi) October 8, 2019
According to the Unclaimed Financial Assets Authority (UFAA), beneficiaries have to be listed in the deceased persons’ will in order to share in the inheritance.
Earlier this year, UFAA recorded that claims of up to Sh421 million had been made including 1.3 million units of shares set to benefit some 7000 people.
In the shares totalling Sh170 million, 910,000 shares had been returned to some 2000 claimants.
In his address during the Tuesday meeting with key stakeholders, Matiang’i said that the National Treasury would partner with UFAA in order to entrench the culture of reuniting claimants with these finances.
Since the authority came into existence, it reunites these properties with their rightful beneficiaries using documents left behind by their owners.
When the claimants’ records do not match with the records left by the property owners, the Unclaimed Financial Assets Authority has the jurisdiction to hold it until proof of entitlement is produced.