Unclaimed Funds: A Major Financial Burden
The government has revealed that it is holding a staggering RM12.8 billion in unclaimed funds, with finance minister II Amir Hamzah Azizan addressing the issue in the Dewan Rakyat. The accountant-general’s department has set up 184 booths nationwide to encourage individuals to come forward and claim their rightful funds.
Unclaimed Funds and Successful Claims
As reported by Bernama, RM17 billion in unclaimed funds has been handed over to the accountant-general’s department by companies and firms. While RM4.2 billion has been successfully claimed by rightful owners as of October 31, there is still a significant amount of unclaimed money waiting to be retrieved. The government is working to increase public awareness and make it easier for individuals to claim their funds.
Proposed Solution: Utilizing National Registration Department Data
To locate rightful owners or heirs, the government is exploring a proposal to use updated data from the national registration department (JPN). This data will be used to directly credit the funds into the account holders’ accounts, simplifying the process and ensuring that individuals receive their rightful funds.
Supporting Sabah’s Electricity Sector
Separately, finance minister II Amir Hamzah Azizan touched on the government’s plans to support Sabah’s electricity sector. The government is reviewing a request from Sabah Electricity Sdn Bhd for an imbalance cost pass-through (ICPT) payment of RM162 million for the period from June to December 2023. Additionally, the finance ministry is considering a moratorium on the repayment of Sabah Electricity’s loan to the government, estimated to be around RM65 million. This support is part of a larger agreement to provide an electricity subsidy of RM3.54 billion over seven years, until 2030, to help the state regulate its own electricity and gas supply.
Conclusion
The government’s efforts to address the unclaimed funds issue and provide support to Sabah’s electricity sector demonstrate its commitment to managing the country’s finances effectively and supporting local communities. By increasing public awareness and simplifying the process for claiming unclaimed funds, the government is working to ensure that rightful owners receive their funds in a timely and efficient manner.
Frequently Asked Questions
Q: What is the total amount of unclaimed funds held by the accountant-general’s department?
A: RM12.8 billion
Q: How much of this unclaimed money has been successfully claimed by rightful owners?
A: RM4.2 billion, as of October 31
Q: What is the government’s plan to encourage individuals to come forward and claim their unclaimed funds?
A: The government has set up 184 booths nationwide to increase public awareness and encourage individuals to claim their funds.
Q: What is the proposal to locate rightful owners or heirs and directly credit funds into their accounts?
A: The government is exploring the use of updated data from the national registration department (JPN) to locate rightful owners or heirs and directly credit the funds into their accounts.