Govt to Sell Off Ksh26 Billion in Assets Linked to Top Officials

  • A file iumage of the National Treasury
    The National Treasury offices at Harambee Avenue, Nairobi
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  • The Unclaimed Financial Assets Authority (UFAA) issued a notice giving owners of 800 million unclaimed shares until August 31, after which they will be auctioned at the Nairobi Stock Exchange.

    According to official reports, the shares are worth an estimated Ksh26 billion.

    “The authority wishes to advise apparent owners or beneficiaries to lodge claims. Shares not claimed as at August 31, may be sold by the authority (UFAA) as per the law,” the public notice reads in part.

    Shares targeted for auction by the National Treasury are those belonging to individuals who have failed to participate in corporate actions over a 3-year minimum period.

    File image of Nairobi Securities Exchange Market
    File image of Nairobi Securities Exchange Market
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    UFAA recognizes participation as actions such as collecting dividends, attending annual general meetings or adding more shares to one's portfolio.

    Former intelligence chief James Kanyotu, the late politician JM Kariuki and former Cabinet minister Mbiyu Koinange are among prominent individuals whose dividends and shares are held by UFAA, following family feuds that have frozen the sharing of their properties.

    Their dormant assets were surrendered to the government agency by insurance companies, banks, pension schemes, legal firms, telecoms operators and saccos, among others.

    UFAA revealed that in most cases, assets tied to an owner who has passed on often end up in their custody due to failure by the deceased to inform the beneficiaries of the assets besides the absence of a will.

    In the late spymaster Kanyotu's instance, 11 years on since his death, the courts are yet to settle on how to distribute his wealth valued at an estimated Ksh20 billion.

    The late James Kanyotu's palatial home located in Tigoni, Kiambu county.
    The late James Kanyotu's palatial home located in Tigoni, Kiambu county.
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    UFAA was established pursuant to the Unclaimed Financial Assets Act No. 40 of 2011, laws of Kenya.

    Its primary mandate is to receive unclaimed financial assets from holders of such assets on behalf of the Government of Kenya, safeguard and re-unite the assets with their rightful owners.

    UFAA went on to provide the following claiming instructions,

    Where the owner is claiming, the following are the requirements:

    1. Completed Original Owner(s) claim form ( Form 4A) duly commissioned.
    2.  Completed Indemnity agreement (Form 5) duly commissioned.
    3. An official letter received from the holder confirming remittance of unclaimed financial  assets to the Authority.
    4.  Certified copy of the claimant’s national identity card or passport (Certified by a lawyer).
    5. Copy of claimant’s KRA PIN certificate.

    Where the claimant is not the owner but has or asserts a legal right to an unclaimed asset, the claimant shall submit to the Authority the following:

    1.  Completed beneficiary claim form ( Form 4B) duly commissioned.
    2.  Completed Indemnity agreement (Form 5) duly commissioned.
    3.  An official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
    4.  Certified copy of the claimant’s national identity card or passport. 
    5.  Copy of claimant’s  KRA PIN certificate.
    6.   Copy of certificate of death.Certificate of Confirmation of Grant/ Certificate of Summary Administration.
    7.   Bank details indicated on claimant bank details form.
    8.  One page copy of recent bank statement, current deposit slip or withdrawal slip (clearly showing account name and number) to confirm bank account details provided in item 7 above (if more than one claimant, do provide a statement of a joint bank account). 

    Where the claimant is not the owner but is claiming as an agent on behalf of a living owner, the following are the requirements:

    1. Completed agent for owner claim form ( Form 4D) duly commissioned.
    2. Completed indemnity agreement (Form 5) duly commissioned.
    3. An official letter received from the holder confirming remittance of unclaimed assets to the Authority.
    4. Certified copy of the claimant’s national identity card or passport.
    5. Copy of claimant’s KRA PIN certificate.
    6. Registered  power of attorney. (Registered at the Ministry of Lands)
    7.  Claimant's bank details indicated on claimant bank details form.
    8. One page copy of recent bank statement, current deposit slip or withdrawal slip (clearly showing account name and number) to confirm bank account details provided in item 7 above.

    Where the claimant is claiming on behalf of a minor who is an original owner, the following are the requirements:

    1. Completed agent for owner claim form ( Form 4D) duly commissioned.
    2. Completed Indemnity agreement (Form 5) duly commissioned.
    3. An official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
    4. Certified copy of the claimant’s national identity card or passport.
    5. Copy of claimant’s KRA PIN certificate.
    6. Guardianship deed.
    7. Claimant's bank details indicated on claimant bank details form.

    One page copy of recent bank statement, current deposit slip or withdrawal slip (clearly showing account name and number) to confirm bank account details provided in item 7 above (if more than one claimant, do provide a statement of a joint bank account).

    Where the claimant is claiming on behalf of a business entity, the following are the requirements:   

    1. Completed business entity claim form ( Form 4C) duly commissioned.
    2. Completed Indemnity agreement (Form 5) duly notarized.
    3. An official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
    4. Current form CR12 obtained from the Company Registrar indicating directors of a company.
    5. Certified copy of the directors’ national identity cards or passports (Certified by a lawyer).
    6. Copy of directors’ KRA PIN certificates.
    7. Certificate of incorporation.
      National Treasury Cabinet Secretary Ukur Yatani (Right) and Labour Cabinet Secretary Simon Chelugui (Left), at NSSF building in Nairobi on January 16, 2020.
      National Treasury Cabinet Secretary Ukur Yatani (Right) and Labour Cabinet Secretary Simon Chelugui (Left), at NSSF building in Nairobi on January 16, 2020.
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