State to widen audit on public companies for unclaimed cash

The Unclaimed Financial Assets Authority chief executive Kellen Kariuki. FILE PHOTO | NMG

Financial institutions, publicly-traded companies and utility providers will face increased scrutiny for compliance with the law in surrendering idle resources under their custody.

The authority mandated to receive cash and securities whose owners cannot be traced says it is widening the scope to ascertain whether firms are making full disclosures.

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