SEC urges defunct Skye Bank shareholders to claim dividends

The Securities and Exchange Commission has issued a circular, reiterating its earlier directives to shareholders of defunct Skye Bank Plc to claim their dividends.

The acting Director-General, Ms Mary Uduk, said the directive was part of its investor protection programme to ensure that shareholders got the benefits of investing in the capital market.

She said, “We have informed shareholders of the defunct Skye Bank that unclaimed dividends declared by the bank are being held in trust on their behalf. This will further help reduce the volume of unclaimed dividends in the market and boost investor confidence

“Investors that have unclaimed dividends are, therefore, advised to contact Cardinalstone Registrars to process their dividend payments.”

Uduk said the commission has also directed Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders were addressed forthwith.

She said since the company was no longer in operation, the unclaimed dividends had to be made available to the rightful owners as it would go a long way in boosting investor confidence in the market.

“They invested in a company and since the company has gone under, there is no reason why they should not have access to their unclaimed dividends. That is why we are calling on them to take advantage of this opportunity and claim their dividends,” Uduk stated.