Cash dividends from dozens of listed and unlisted companies on Kuwait Boursa (Stock Exchange) amounting to over KD100 million are lying unclaimed in banks for the past several years..
Banking industry officials say that cash dividends from stocks are treated differently from monies lying in dormant accounts. Dividends are usually deposited after recommendations by the Board of Directors of companies and approved by shareholders at the General Body meeting. These amounts are deposited with banks which do not have the right to dispose of the same.
Banks say that the bulk of this money, some of which has been lying in banks for over 10 years, is the result of a large number of long-standing company shareholders who may have passed away without nominees, or in cases where heirs to these amounts are not aware of their ownership and share in the dividends.