Status of the Unclaimed Assets Trust Fund
The Unclaimed Assets Trust Fund was created under Section 44 of the Unclaimed Financial Assets Act, No. 40 of 2011. It is vested in and operated and managed by the Authority.
The Fund receives from holders all monies that become or are deemed to be unclaimed assets and other payments required by the Act or by any other written law to be paid into the Fund.
Payments are also made out of the Fund to rightful owners of unclaimed assets once identified.
The Authority has received remittances amounting to KShs. 20.3 billion from holders into the Trust Fund Account including FOREX in various denominations. Reports have been made for 915 million units of shares.
The Authority has so far received claims amounting to KShs. 1.2 Billion from 17,469 claimants. Out of these, 10,199 claims amounting to Sh 729 million and 15.8Million units of shares have been reunified in the previous year. This is 3.58% of the percentage of the fund.
Unclaimed Financial Assets Regulations, 2016 formalized processes relating to the management of unclaimed financial assets.
Status of the trust fund as at 30th June 2021
|Asset type||Amount KShs.|
|UNIT TRUST||Volume||9,736,644.53 units|
|Estimated value (Kshs.)||55,658,166.62|
|Estimated value (Kshs.)||30,554,876,340.01**|
|The total estimated Fund value||50,948,001,517 **|
And 2,873 Safe deposit boxes
NB: * denotes estimated value at the prevailing market rate.
** denotes estimated Fund Value for assets remitted and reported