Retirees and beneficiaries of the Kenya Bus Services Ltd Staff Retirements Benefits scheme, which is winding up, have 30 days to claim their dues starting January 27, 2016.
A notice in Monday’s Daily Nation asked members whose benefits are still being held by the appointed liquidator to contact the firm and collect their money.
PKF Consulting Ltd, which was appointed the liquidator, said it plans to hand over the funds to the concerned government authorities should members fail to respond.
“Members or beneficiaries who have not collected their dues should do so at the office of the liquidator during normal office hours within the next 30 days.
Thereafter, we shall pass any other uncollected benefits to the Unclaimed Financial Assets Authority and proceed to close the liquidation,” the firm stated.
PKF could not, however, disclose the number of those expected to respond to the call as well as the amounts they are due to claim as both questions on these subjects got a confidential information response.
A senior manager at PKF, Mr Harrison Kariuki, only revealed that the scheme was going under after it became broke.
“The scheme is being wound up under voluntary winding up after the sponsor went into insolvency, “Mr Kariuki said in an email response.
The commuter company established in 1934 by the Overseas Transport Company of London changed hands several times over the years, and was at one time owned by Stagecoach Holdings Ltd.
By the late 1990s, the company was incurring heavy losses, forcing it to shed employees and fleet ownership as many went for six months without pay.
By 2004, the once-prestigious transporter was in serious debts, estimated at Sh1.5 billion, had a bloated staff who had pay grievances and several accident cases in court.
A turnaround driven by a long-serving KBS employee who was recalled at the height of the crisis, Mr Edwin Mukabanah, bore fruit 10 years later when the bus operator was ranked number 15 in the Top 100 — a list initiated by the Business Daily and financial services firm KPMG that recognises small and medium enterprises.
The firm changed to Kenya Bus Services Management, now operates buses on behalf of owners with a franchising and commercialisation model.
To have their buses listed bus owners pay a one-off fee of Sh60,000, with a commission on their gross income deducted for sustainability of the company’s operations.