Unclaimed assets team threatens to sue defaulters

Tuesday February 16 2016

Unclaimed Financial Assets Authority Chief Executive Officer Kellen Kariuki.  Kariuki and Insurance Regulatory Authority chief executive Sammy Makove signed a memorandum of understanding that will see them form a joint audit team to scrutinise all accounts of insurance companies seeking renewal of their licences. PHOTO | SALATON NJAU

Unclaimed Financial Assets Authority Chief Executive Officer Kellen Kariuki. PHOTO | SALATON NJAU  NATION MEDIA GROUP

By JAMES KARIUKI
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The government agency charged with location and recovery of unclaimed assets Monday threatened to sue defaulters after the audit.

The Unclaimed Financial Assets Authority (UFAA) Board chairman Mr Katwa Kigen Wednesday said the audit currently underway would pave way for stern criminal and civil action that will see defaulters publicly shamed and prosecuted.

He said that the board had also resolved that UFAA Kenya moves with speed to process payments for the 1,700 claimants worth Sh42 million once proof of identity is provided.

“Kenyans must help us identify defaulters but should know that UFAA Kenya has no duty to pursue litigation on their claims. We are committed to making payments forthwith to a living claimant and within a month to other beneficiaries whose claims will be processed and crosschecked,” he said.

STERN ACTION

UFAA Kenya’s Chief Executive Ms Kellen Kariuki said their auditors were currently working with regulatory agencies in auditing public and private companies saying stern action will be taken against defaulters.

Mr Kigen said regulations were now in place and urged Kenyans who have found their money at UFAA Kenya’s website to lodge claims for payments.

The new regulations published last week, state that all claims lodged with UFAA Kenya sets out stringent terms before payments where names of planned beneficiaries must be published in two daily newspapers as well as the Kenya gazette after which payment will be made after a month.

UFAA Kenya, which has since received Sh6 billion from banks, insurance companies, securities and pension schemes among others is duty bound by law to invest 90 per cent of the fund in government bonds while the 10 per cent is to be invested in publicly listed companies.

The UFAA Kenya CEO said no company had a reason not to surrender funds since the new regulations clearly stated what unclaimed funds are. to them.