DOHA: Listed companies have an estimated between QR600m ($164.3m) and QR800m ($219.17m) in unclaimed dividends that have accrued over the years as their owners could not be traced.
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The sums are lying with the companies frozen and unused. Companies attribute their failure to pay the dividends due to their legitimate owners to a mix of factors that include deaths of some, change of address and phone numbers of many, while the others having left the country for good.
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But this is not the only money that is piling up due to the failure to trace their owners. Banks also face this problem as they have unclaimed deposits running into millions of riyals and whose owners cannot be found.
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A banking industry insider told local Arabic daily Al Raya that banks do have a system to dispose of such funds, as, if a deposit remains unclaimed by its owner or his legal heirs for 10 years in a row the money is pledged to charity.
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Read more: http://thepeninsulaqatar.com/business/224400-no-takers-for-up-to-qr800m-dividends.html
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