Apparently a friend of mine lost his dad in 1996 and the dad left 20,000 KCB shares in the custody of the same KCB which he didnt include in his will as the value was negligible.He now wants to transfer them.What is the process and what could be their value now factoring in bonuses, splits, dividends etc

From what I read (cant remember where), your friend must have shown some activity on the shares. If a person dies and his assets are left untouched for over years, the assets are remitted to the treasury as unclaimed assets. I dont know whether this works and my information is sketchy, but I thought there was something like that. Today, if a person dies and the account remains inactive for over several years, the cash is remitted to the state as unclaimed assets. Those with knowledge on this issue may help because mine is very sketchy

Question:

1, If the shares are in custody of KCB, what proof does he have to show that indeed they still exist?

2, If the mother is alive, that would be the best person to follow that up, it will not be a smooth ride for him

That's the problem I'm currently experiencing. My dad left a lady who doesn't understand anything about trading or owning shares in companies. Everytime I talk to her about claiming these things she gets so confused till she thinks that I want to keep everything to myself. I gave up 2 years ago. These days I just watch as the share prices rise yet none of her kids is able to go to a decent school. I concentrate with myself after spending many months talking to her.

Advice your friend to visit the KCB Registrars at Kencom house they will tell him the exact shares held.


The following is the procedure of transfering shares from a deceased shareholder to the benefiary:

i. certified copy of death certificate

ii. certified copy of letters of administration from High/Magistrate Court

iii. certified copy of certificate of confirmation of grant from High/Magistrate court

iv. certified copy of beneficiary and administrator identity card

v. original share certificates and all dividend cheques not presented for payment

vi. indemnity for lost share certificates and cheques

vii. certified copy of will (if any)

viii. transmission fee kes 2500.00 to be deposited at kcb share registration account

ix. transfer deed

x. approval fee of kes 675.00 to be deposited in NSE Ltd account. A further fee of kes 825.00 will be paid to the CDA at the time of presenting the documents.

xi. certified copy of ID card or surrender form for the deceased.

xii. CDS2 - CDA to avail the form to be signed by Administrator(s)

xiii. CDS7 - CDS to avail the form- to be signed by both the Administrator(s) and Beneficiary(ies)

In case a client goes through a public trustee (County Commissiner or Deputy County Commissioner) the following documents may be obtained in place of no. ii and iii above if the deceased died intestate and the gross ov the Estate does not Exceed Kes 50,000
a) letter of indemnity
b) Certificate of Summary Administration

NB: Transfer documents to be submitted through a Central Depository Agent (CDA) ie stockbroker or investment bank or custodian

I have some with me since I'm responsible for almost everything. However, others that were received while I was away have been misplaced.