RM11.2b unclaimed money as of April 30

 

PARLIAMENT | A total of RM11.2 billion of unclaimed money is under the management of the Accountant-General’s Department as of April 30, the Dewan Rakyat was told today.

Deputy Finance Minister Ahmad Maslan said over 70 percent of the unclaimed money was from bank accounts which had been inactive for seven years or more.

“As of yesterday, we have refunded RM3.3 billion to the people who made claims,” he said during the question and answer session.

He was responding to a question from Fong Kui Lun (Harapan-Bukit Bintang), who wanted to know the amount of accumulated unclaimed money as of March 31 and the plans to utilise the funds for national development.

Elaborating, Ahmad said some RM10 billion of the unclaimed money had been kept in fixed deposits and generated a return of RM250 million a year for the past 10 years.

Deputy Finance Minister Ahmad Maslan

He further said that the RM250 million return earned had been paid to consolidated funds and used for development and assistance to the people.

Ahmad said unclaimed money is also defined as money that has not been paid to its owners, such as salaries, bonuses and dividends within a year or more, as well as money in trading accounts between suppliers and companies.

Meanwhile, he said the government is ready to consider using the unclaimed money for scholarships, but the main focus now is to return the money to the public.

He said those who wish to make a claim can refer to the Accountant-General’s Department’s portal here.

- Bernama