Allentown-based electric utility company PPL agreed this week to stop its opposition to an audit of the company by the Pennsylvania Treasury.
According to a press release, the Treasury “applauds” PPL for allowing the investigation to proceed. The audit is an examination of the company’s unclaimed property.
Pennsylvania’s unclaimed property law requires all holders of unclaimed property to file a report with the Treasury. Holders could include insurers, businesses, public officers, and more. There are various examples of unclaimed property, such as unclaimed stock dividends, credits or overpayments, and dormant accounts, among others.
In PPL’s case, the audit is reportedly regarding unclaimed investments in the company.
The case goes all the way back to 2017, when PPL refused to provide requested records and claimed that the Treasury didn’t have the authority to request them. An enforcement action was filed in 2019, which the company has also refused. Their eventual compliance comes after a subpoena was issued.
This is the first time in more than 20 years that the State Treasury has been forced to such lengths in an audit.
Routine unclaimed property audits are often conducted on companies. Hundreds of examinations could be under way at any given time.
