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{
    "id": 34174,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/34174/?format=api",
    "text_counter": 456,
    "type": "speech",
    "speaker_name": "Eng. Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "From what my good friend has stated, banks, financial institutions, pension fund custodians, phone, water, electricity, fund managers and even Government departments, are holding billions of shillings of unclaimed assets. As I speaker, the estimates we have in the country maybe as much as Kshs200 billion or even more. These are huge amounts of money to be held in a country like Kenya whose annual budget is Kshs1 trillion. We are looking at about 20 per cent of the annual budget. That is a huge sum of money. In fact, some of us feel that some of the huge and even abnormal looking profits that our banks declare every year; may actually be driving from investment in this money which is not visible to most of us. As we debate this Bill, it should be important to point that, in fact, unclaimed assets could also be target for fraudsters. Some of those people who hold these unclaimed assets know they hold them. It is very easy for them to collude with fraudsters to be able to target and access this money. It is, therefore, important that we pass this Bill. A sum of Kshs200 billion will be lying with the Unclaimed Assets Authority. Even if 60 per cent of it was put into some form of social investment can make a big difference in our country."
}