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Unclaimed Sh3.8bn, 407 million shares surrendered to the State
Ufaa stepped up publicity campaigns that have seen companies unable to trace owners of assets such as shares and cash hand them over to the State agency to avoid penalties.
Companies surrendered 407 million shares of unknown value and Sh3.8 billion in cash to the Unclaimed Financial Assets Authority (Ufaa) in the financial year ended June 2024, piling pressure on the agency to unify these assets with their owners and beneficiaries.
Ufaa’s latest disclosures show that while the cash received from various firms dropped by 15 percent from Sh4.5 billion collected in the previous financial year, the number of shares remitted by companies nearly tripled from 150 million.
