Institutions and companies had in their custody about Sh22.9 billion worth of unclaimed shares in the 2018/19 financial year, denying rightful owners an opportunity to access them. During the period under review, the agency was holding Sh13.3 billion in unclaimed assets released by firms. The authority has been keen to audit all financial institutions and state agencies to ascertain the amount of unclaimed assets in their possession. The unclaimed financial assets Act, 2011 stipulates that failure to remit the unclaimed assets attracts a fine of not less than Sh1 million and/or a one-year jail term for non-compliant CEOs upon conviction. The Authority receives unclaimed assets and holds them in a Trust Fund.

Source: The Star October 07, 2020 00:56 UTC