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Economy

Obama family yet to claim assets held at the Treasury

Barack Obama Senior
Barack Obama Senior (centre) as a government official. FILE PHOTO | NMG 

The Obama family has failed to claim their assets taken over by the Treasury after being deemed idle.

The Unclaimed Financial Assets Authority (UFAA) says the family is yet to apply for assets left behind by Barack Hussein Obama, father of the retired US president.

UFAA, the agency that holds unclaimed assets in trust for rightful owners, is holding East Africa Breweries Limited (EABL) shares of undisclosed value belonging to Obama senior, a former senior economic analyst at the Treasury who died in a car accident in 1982.

The shares were transferred to the authority as was the Obama life insurance cover that the agency has been holding since 2014.

“We have contacted the Obamas to make a claim but a response is yet to come,” said Kellen Kariuki, chief executive at UFAA. “The claim must be made by the rightful person who has the letters of administration.”

Mr Obama had nominated his eldest son Roy Obama, also called Malik, and his youngest wife Jael Otieno as beneficiaries. Obama senior had four wives, two of who he married while in the US. He had eight children.

Mr Malik broke ranks with his family two years ago when he campaigned against Obama junior’s Democratic Party candidate Hillary Clinton and endorsed Republican candidate Donald Trump.

In 2016, Mr Malik accused Mr Obama of ignoring his Kenyan family and the African continent after he was elected first black president of the US.

In July, Mr Malik kept off an event held in Kogelo that was graced by former US President Obama and his sister Auma.

Following senior Obama’s death at 46, a fierce legal battle ensued over his estate, then estimated at Sh410,500.

The battle was mainly between his first wife, Kezia, who is said to have divorced at the time, and the youngest wife Jael.

Ms Kezia is Mr Malik’s mother. The UFAA was formed in 2013 to hold in trust unclaimed property and has been taking over the assets since last year.

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