KENYAN FIRMS TOLD TO SURRENDER BILLIONS DISOWNED
Public and private institutions holding
unclaimed funds worth billions of shillings
whose owners or beneficiaries are untraceable
have until Saturday to surrender them.
The Unclaimed Assets Authority, which reported
receiving Sh3.4 billion mainly from financial
institutions in unclaimed deposits, and securities
maintained that the month-long amnesty would
not be renewed after the October 31 deadline
but will instead be followed by civil and
criminal suits against defaulters to force them to
surrender the money.
The directive affects law firms, the pensions
department, private pension schemes, insurance
firms, schools, colleges, the National Social
Security Fund (NSSF), banks, microfinance
institutions and stockbrokers among other firms
holding funds that do not belong to them.
In an advertisement placed in the press, the
authority said that it planned to pursue all
defaulters with a view to recovering the monies
which will be then be publicised for owners to
file claims for recovery of the lost funds.
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