Fears are rife that top managers at the Unclaimed Financial Assets Authority (UFAA) are marred in an intricate web of corrupt deals putting unclaimed assets and victims in jeopardy.
Senior officials at the helm of the authority are said to be key masterminds of massive underhand deals that potentially deny rightful claim to legitimate claimants and instead re-channel the unclaimed monies and assets to undeserving individuals.
Kellen Kariuki, UFAA Chief Executive Officer is the authority chief accounting officer.
The falsified claims are well-guarded secret within the authority ranks and such cases are likely to be unearthed by the Banking Fraud Investigations Unit (BFIU), a special formation within the Directorate of Criminal Investigations.
The authority’s internal structures are said to be highly manipulable making internal measures susceptible to alterations and fail to detect, prevent and preempt possible collusion between external players.
Holding institutions report unclaimed properties and monies to the authority in what is now a rather abused noble initiative likely to deny rightful owner their justified claim.
It is alleged payments and transfer of reported unclaimed assets Trust Fund Account at the Central Bank of Kenya are highly altered and do not reflect the true position compounded by deliberate and delayed remittances unclaimed funds.
The Unclaimed Assets Trust Fund was created under Section 44 of the Unclaimed Financial Assets Act, No. 40 of 2011. It is vested in, and operated and managed by the Authority.
Payments from the Fund should be paid to rightful owners of unclaimed assets once identified.