Office of Registrar of Companies worried of several unclaimed dividends

The Office of the Registrar of Companies has expressed worry about the several unclaimed dividends by shareholders.

It is therefore making moves to ensure companies with unclaimed dividends transfer the funds to the office.

This is to discourage the firms from borrowing the unclaimed dividends.

The Registrar of Companies, Jemima Oware, speaking at a programme organised by the UK Ghana Chamber of Commerce said her outfit has opened an interest bearing account in both cedis and dollars to manage these dividends.

“There are quite a number of companies that have actually dividends. The committee of experts saw that instead of these unclaimed dividends sitting in the company’s accounts and then the company borrowing people’s unclaimed dividends, after three months if the shareholders haven’t come for it or those who are supposed to benefit haven’t come for it then you are supposed to transfer these funds to the Office of the Registrar of Companies who have also opened an interest bearing account in both cedis and US dollars”.

Under section 73, 74 of the act, we will manage it [unclaimed dividends] for seven years. So the same bulletin is going to put out names of shareholders who have to come and get their dividends if it’s due, and if after seven years they do not come for it, then the law says that 50% is going to be transferred to the government.

She added that the other 50% will go to the Office of the Registrar of Companies.

“We will use it for investor education, research, entrepreneurial development and advanced company law, she explained.