A Senate Committee has put to task two officials of the Unclaimed Financial Assets Authority (UFAA) over allegations of misuse of more than Sh10 billion worth of Kenyans’ unclaimed assets.
This is after nominated Senator Gloria Orwoba sought a statement about the alleged misuse of over Sh10 billion of uncollected funds as unaccounted for by the agency.
The Senate Finance and Budget Committee chaired by Mandera lawmaker Ali Roba, questioned UFAA’s Chief Executive Officer John Mwangi and the Board of Director’s chairperson Dr Francis Kigo to explain an alleged misuse of Sh10 billion worth of unclaimed assets.
Orwoba had claimed that billions of shillings worth of unclaimed assets surrendered to UFAA by various institutions had been misappropriated.
“There are discrepancies between what is declared by the institutions and what ends up at UFAA. These are the gaps that we must investigate,” said Orwoba.
According to Orwoba, there is a collision between UFAA and banking officials, adding that there is a case of New Fortis Sacco which allegedly had unclaimed assets worth Sh80 million but was suspiciously reduced to Sh848,000.
