Registrars return unclaimed dividends to listed companies — SEC

Mounir Gwarzo, Director General, Securities and Exchange Commission (SEC), says 80 per cent of the registrars, operating in the nation’s bourse have complied with the commission’s directive on unclaimed dividends. The commission on June 2 directed all Registrars of Public Companies to return all unclaimed dividends, which have been in their custody for 15 months and above, to the paying companies. The commission noted that failure to comply with this directive shall attract appropriate sanctions without further recourse. The law on unclaimed dividend in the market states that unclaimed dividend must be returned to the companies after 15 months of payment and remains statue bar after 12 years.