Mir Rashed Bin Aman, CEO of Sonali Life Insurance, has urged the Bangladesh Securities and Exchange Commission (BSEC) to suspend the activities of the current board, citing allegations against its members.
Aman’s letter, dated January 8, raised concerns about the influence of Mostafa Golam Quddus and his family on the board, accusing them of irregularities and corruption, including embezzlement of life insurance funds. The insurance regulator has appointed a special auditor to investigate the allegations. Aman claims the current board has impeded his access to the company’s office and altered online operation passwords. The CEO believes his removal was linked to interference with the regulator-appointed auditor. Sonali Life Director Sheikh Mohammad Danial stated ongoing internal investigations against Aman, refuting claims of his termination.
Regulator Appoints Auditor to Investigate Sonali Life Insurance
The Insurance Development and Regulatory Authority (Idra) has directed Hoda Vasi Chowdhury and Co, a chartered accountant firm, to conduct a special audit at Sonali Life Insurance following allegations of fund embezzlement by the company’s owners. The Idra letter on December 31 instructs the CA firm to complete the audit within 30 working days. The audit will verify share acquisition, alleged family authority on the board, a payment of Tk3 crore to Janata Bank in 2023, the purchase of a building at Tk350 crore, and withdrawals of Tk61 crore between 2021 and 2023. It will also scrutinize dividends, expenses for medical and overseas education, and other financial transactions involving the company chairman and family member directors.
