KUALA LUMPUR: A total of RM11.2 billion in unclaimed money belonging to the public has not been claimed as of April 30, the Dewan Rakyat was told today.
Deputy Finance Minister Datuk Seri Ahmad Maslan said out of the amount, 70 per cent of the money was from inactive bank accounts of seven years and more.
He also said the unclaimed money was mainly made up of bonuses and dividend payouts as well as trading accounts.
"A total of RM3.2 billion was returned to the public as of yesterday.
"The unclaimed money involved bonuses and dividend payouts in a year's period as well as money in trading accounts between companies and suppliers.
"Of the total amount, 70 per cent of the unclaimed money is from inactive bank accounts of seven years and more," Ahmad said.
He was responding to a question by Fong Kui Lun (Pakatan Harapan-Bukit Bintang), who asked the government to state the amount of accumulated unclaimed money and the proposals on how to utilise the money for national development.
The unclaimed money, said Ahmad, is being held in a consolidated trust account by the Registrar of Unclaimed Moneys in the Accountant-General's Department.
He added that RM10 billion has been put under a fixed deposit account and the yearly profit of RM250 million will be channelled back after 10 years for the development and wellbeing of the people.
Meanwhile, he said that the government will consider setting up an educational fund and scholarship to assist students with financial implications through the unclaimed money.
"It can be considered. However, we have no plans at the moment (to establish the fund) as our focus now is to return the unclaimed money to the public.
"Hence, those who want to claim their money, please go to the Accountant-General's Department official portal and claim your money.
"You can fill out the form and once it is completed, you will receive the money between 14 to 30 days time."