The Unclaimed Financial Assets Authority (UFAA), latest financial report read, that the total value of the unclaimed properties held by the State stood at Ksh.13.3 billion at the end of September 2020, up from Ksh.10 billion reported in 2018.
Most of the assets, which are now in the custody of the UFAA, have been returned by public listed companies, insurance companies, banks, pension schemes, legal firms, telecommunications operators and saccos, among others
Unclaimed assets are those whose owners have been unable to engage in corporate activities which include attending annual shareholder meetings, collection of dividends or taking up additional shares during stock splits, for at least three years.
In August 2020, UFAA released a statement advising owners or beneficiaries of the assets, that if they did not come forward, the assets would be sold in compliance with the law.
Most of the unclaimed assets are attributed to the failure of the deceased to inform the beneficiary of their existing assets.
Former Politician JM Kariuki and former cabinet minister Mbiyu Koinange, all deceased, are among the famous figures whose dividends and shares are held by the agency following family disputes that have frozen the sharing of their properties.
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