Firms holding over Sh240b in unclaimed assets, agency says

Unclaimed Financial Assets Authority (UFAA) Board Chairman Richard Kiplagat (left), flanked by his Chief Executive Officer John Mwangi (right) peruse a document at Mombasa's Travellers Beach Hotel. [Maarufu Mohamed/Standard]

Close to half a million companies are still holding on to billions worth of assets and cash belonging to deceased Kenyans despite a legal requirement to surrender them to the State.

The Unclaimed Financial Assets Authority (Ufaa) said yesterday compliance to the unclaimed financial assets Act, 2011 is still low, with more than Sh241 billion still in the hands of banks, Saccos, pension schemes and utility firms.