Conspiracy alleged to take over Sonali Insurance Company: Officials

Staff Correspondent:

Officials and employees of Sonali Life Insurance have alleged that a conspiracy is underway to take over the insurance company, which is listed on the stock market, by falsely labeling it as a failed enterprise. As part of this alleged conspiracy, a total of 17 company officials were unlawfully dismissed, violating established laws and policies. Moreover, the company has suffered a 50% decline in business due to an impasse caused by the actions of an administrator appointed by the Insurance Development Regulatory Authority (IDRA).

These allegations were raised during a press conference held at Sonali Life Insurance Bhaban in Malibagh, Dhaka, on Wednesday.

At the press conference, officials presented an 8-point demand, including the immediate removal of the IDRA-appointed administrator. They threatened to escalate their protest actions, including ongoing work stoppages if their demands are not met.

Speaking at the event, Additional Managing Director of Sonali Life Insurance Company, Md Rafiqul Islam, alleged that under the leadership of the current administrator, SM Ferdous, the country’s only profitable insurance company is now moving in the wrong direction due to his lack of understanding of the insurance industry. For the first time in its 10-year history, the company failed to settle an insurance claim even after 7 days. All company operations have been halted under various pretexts, forcing employees to strike and causing a deadlock within the company. Consequently, 28,000 families, 70,000 insurance beneficiaries, and 800,000 customers who depend on the company are facing severe difficulties.

The company’s Assistant Managing Director, Manzoor Morshed, alleged that Sonali Life Insurance is being systematically dismantled through changes in ownership. He stated that the IDRA had appointed the administrator to investigate corruption by the former CEO. However, after assuming office, the administrator took actions detrimental to the company’s interests without investigating the corruption allegations. The administrator dismissed senior executives without valid reasons, a decision later overturned by the High Court. Furthermore, he made appointments in violation of regulations, leading to a situation where employees were compelled to strike due to the shutdown of facilities and deteriorating work environment.

Assistant Managing Director Emdadul Haque Sahil presented an 8-point demand, calling for the appointment of an experienced individual to replace the current administrator, who lacks any relevant experience in the insurance sector. He emphasized that the work stoppage will continue until their demands are met, and stressed the employees’ refusal to accept any plans that would lead to the destruction of the company. He urged relevant authorities to take immediate and effective action in this matter.