On Friday, February 9, in a notice released, the Compensation Fund which operates as a state corporation under the National Treasury, noted that the parcels were domiciled in five counties including Nairobi and Machakos.
The Policyholders Compensation Fund (PCF) has barred any transaction of 348 parcels of land belonging to the United Insurance Company Limited after the latter was placed under statutory management. United Insurance Company Limited also has land at Kajiado, Kwale and Laikipia.
Kenyans were, therefore, warned against purchasing any land belonging to the company or they would face a slew of legal action. The agency declared that any land deals that had been processed while the company was under statutory management were null and void.
“United Insurance Company Limited was placed under statutory management by the Commissioner of Insurance on July 15, 2005. To ensure the preservation of the assets of United Insurance Company Limited and its wholly-owned subsidiary, Fidei Holdings Limited.
“PCF wishes to inform the general public that all land assets belonging to the two companies have been placed under Caution and Restrictions from any dealings by the Statutory Manager through the Directorate of Criminal Investigations. This is therefore to advise the general public that any dealings in any of the properties without the authorization of the Statutory Manager are null and void and will lead to prosecution,” read the notice in part.
Those who had made any payments for the land belonging to the company were advised to reach out to the managing trustee of the policyholder’s fund. The offices are located on the 6th floor of the KWFT Center at Upper Hill.
PCF is a government corporation that is mandated to protect the interest of Kenyans should the company be placed under statutory management or have its licence revoked.