Twenty companies and institutions, including eight universities, Airtel Kenya, Mwalimu National SACCO, and WPP Scan Group, have been fined a total of Ksh 2.23 billion for failing to remit unclaimed financial assets as required by law.

According to a report by the Unclaimed Financial Assets Authority (UFAA), the penalties were imposed on institutions that held onto unremitted funds belonging to clients, employees, or members without forwarding them to the authority.

The total value of the unclaimed financial assets under review stood at Ksh 5.08 billion.

Universities Among Top Defaulters

The report reveals that eight universities are among the top entities penalized, with some facing fines running into hundreds of millions.

Moi University tops the list among learning institutions with Ksh 171.4 million in unremitted assets and a Ksh 211.3 million penalty,  representing 123% of its total unclaimed funds.

Other affected universities include Maseno University (Ksh 74.5 million penalty), Egerton University (Ksh 39.1 million penalty), Kenyatta University (Ksh 19.7 million penalty), United States International University (USIU) (Ksh 34.9 million penalty), and University of Nairobi, which recorded one of the highest unclaimed asset amounts at Ksh 2.3 billion, but incurred a relatively lower penalty of Ksh 66.8 million or 3 percent.

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Companies With the Heaviest Penalties

Carbacid Investments topped the entire list with a staggering 2,870% penalty rate, paying Ksh 30.8 million in penalties against unclaimed assets of just Ksh 1 million.

Other corporations heavily penalized include Pacis Insurance Company (163%), Total Kenya Ltd (96%), and Equity Bank Ltd, which faced a fine of Ksh 249.7 million, representing 87% of its unclaimed assets.

Airtel Kenya, another key player, was fined Ksh 27.2 million, while WPP Scan Group faced Ksh 62.1 million in penalties.

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SACCOs and Insurers Also Affected

The financial report further lists Mwalimu National SACCO, Unaitas SACCO, and Pioneer Assurance Company Ltd among the penalized institutions.

Mwalimu SACCO was fined Ksh 16.6 million, while Unaitas SACCO and Pioneer Assurance were fined Ksh 58 million and Ksh 131 million, respectively.

UFAA emphasized that these penalties are meant to enforce compliance and protect the rightful owners of unclaimed financial assets.

The authority continues to urge all institutions holding dormant accounts, shares, or policies to remit them promptly to avoid heavy sanctions in future audits.

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Airtel Kenya Ltd Headquarters Located Along Mombasa Road, Nairobi . PHOTO /DENNIS ONSONGO.