Firms cede Sh3.9bn unclaimed assets under penalties waiver

Holders of unclaimed financial assets including companies and State corporations have surrendered a record Sh3.9 billion in idle assets so far in the current fiscal year to the Unclaimed Financial Assets Authority (Ufaa) following a moratorium on penalties.

The one-year waiver of penalties, which runs to the end of June, was introduced via the 2022 Finance Act, with the authority hoping that this voluntary disclosure plan would encourage surrenders by companies that were otherwise put off by the prospect of stiff penalties and interest charges.