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Kenya Power risks Sh1.7bn fine over unclaimed assets

Kenya Power live team on Waiyaki Way on September 24, 2020.  The firm risks a Sh1.765 billion penalty for not surrendering to the State unclaimed assets. 

Photo credit: Diana Ngila | Nation Media Group

By  Patrick Alushula

Business Reporter

Nation Media Group

What you need to know:

  • The utility firm was at the end of June last year still holding Sh922 million in its books against the requirements of Unclaimed Financial Assets Act, 2011.

  • Also making up the unsurrendered assets are deposit refunds, unidentified receipts, unpaid customer electricity deposits and unpaid way leave compensation.

Kenya Power risks a Sh1.765 billion penalty for not surrendering to the State unclaimed assets that include dividends and stale cheques as required by the law.

Auditor-General Nancy Gathungu disclosed in the latest audit report that the utility firm was at the end of June last year still holding Sh922 million in its books against the requirements of Unclaimed Financial Assets Act, 2011.

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