Twenty firms, including CIC Insurance and Equity Bank, have been fined Sh2.2 billion for failing to transfer unclaimed assets such as dividends, insurance claims and savings to a State agency that reconnects idle properties with their owners.
Fifteen of the 20 companies have been fined at least half of the value of assets they failed to transfer to the Unclaimed Financial Assets Authority (UFAA), according to disclosures by the Auditor-General.
