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Unclaimed assets hit Sh55bn as owners keep off

Unclaimed assets hit Sh55bn as owners keep off
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Kenya Power starts remitting unclaimed assets arrears

Kenya Power starts remitting unclaimed assets arrears Summary Auditor-General Nancy Gathungu said in an audit report that the utility is, however yet to deposit Sh1.29 billion with the Unclaimed Financial Assets Authority (Ufaa). The unclaimed assets include deposit refunds, unidentified receipts, unpaid customer electricity deposits, unpaid way-leaves compensation, unclaimed dividends and stale cheques. Monday April 05 2021 By BRIAN NGUGI Summary Auditor-General Nancy Gathungu said in an audit report that the utility is, however yet to deposit Sh1.29 billion with the Unclaimed Financial Assets Authority (Ufaa). The unclaimed assets include deposit refunds, unidentified receipts, unpaid customer electricity deposits, unpaid way-leaves compensation, unclaimed dividends and stale cheques.

Kenya Power owes KenGen Sh24b for electricity supplies

THE STANDARD By Macharia Kamau | February 19th 2021 at 13:45:00 GMT +0300 Kenya Power workers fix a 3 phase distribution transformer of 250KVA at Ndimaini Village in Karatina, Nyeri. On 28 December,2020. [Kibata Kihu, Standard] Kenya Power owes KenGen Sh24 billion for electricity supplies as the power retailer continued to struggle in the course of last year. The amount grew 24 per cent in the year to June 2020 from the Sh19.37 billion owed in 2019. This is money that remained unpaid beyond the 90-day credit period set out in the power purchase agreements (PPAs) between the two firms. While it is owed over Sh24 billion by the electricity retailer, KenGen listed the debt as Sh23.98 billion in its annual report, excluding the penalties levied on Kenya Power for delayed payments after the latter disputed the penalties.

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