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Owners of billions in unclaimed assets sought

By  LILIAN OCHIENG'

What you need to know:

  • The authority has a mandate to search for the legal owners of the assets or their heirs and the locations of the deceased. The information is then made available on the website for public use.
  • Recent reports state that the bulk of unclaimed assets is associated with people who died without a will or without disclosing their financial status to family members.
  • A survey by the Unclaimed Property Asset Register found that banks and insurance companies are the major holders of idle funds, estimated at Sh200 billion.

An estimated Sh3.26 billion is lying idle in unclaimed financial assets.

Unclaimed Financial Assets Authority (UFAA) CEO Kellen Kariuki said nobody has turned up to claim the amount, adding that people must come for their money.

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