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Over 100 million Kuwaiti dinars remain unclaimed after several years

KUWAIT CITY, July 22: In a unique case, banking sources revealed the existence of huge sum of money exceeding 100 million dinars, which remains unclaimed for several years, reports Al-Rai daily.

The same sources said these funds are cash dividends from dozens of listed and non-listed companies. The sources explained a large part of the ‘forgotten’ money is deposited over about 10 years, and perhaps more, referring to the accumulation of cash dividends at banks without anyone claiming the money.

The sources said the cash distribution funds are different from inactive accounts in banks. Sources pointed out that these amounts were deposited after the recommendations of the boards of directors of companies, and the adoption of the General Assemblies, noting that these funds at the moment is in the custody of banks but do not have the right to dispose.

Sources confirmed that the bulk of the money is apparently due to a large number of long-standing shareholders in the companies, while the heirs of the beneficiaries did not discuss their ownership of the shares and their right to cash distributions, but they may not know about these are their property and rights.

“ The sources said that many of the owners of accounts or old shareholders used to keep their shares and their ownership in the safe and left their quotas and cash dividends are doubled year after year, and for one reason or another may have forgotten these accounts.

Two weeks after rejecting the request of the Ministry of Public Works to sign a direct contract with a company worth more than 50 million dinars, the Central Tenders Committee (CTC) is said to have reconsidered its refusal decision and allowed the ministry to proceed with the negotiations with the company in preparation for signing the contract, reports Al-Rai daily.

Informed sources told the daily the CTC had taken the decision at its meeting on June 26 to reject the direct contract for the management, operation and maintenance of the Sheikh Jaber Bridge with the Hyundai Engineering and Construction Company for 50.5 million dinars for a period of five years looking for competitive prices for the operation and maintenance of the bridge.

However, after the Ministry asked the CTC to reconsider, it suddenly decided to approve it at its meeting on July 10, 2019. The CTC approved the request of the ministry with two-thirds majority members, while recorded in the minutes of its meeting the non-approval of the representative of the Ministry of Finance and two members of the CTC.

The Ministry based its request on the CTC’s review of its decision to Article 18 of the Tenders Act No. 49 of 2016, which allows for direct contracting if the works of technical nature, specialists or experts themselves, or if there is a single contractor with the capacity or has an exclusive right to perform the business and there is no suitable alternative.

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