IDRA Suspends Board Chairman, Members

The Insurance Development and Regulatory Authority (IDRA) has suspended Sonali Life Insurance Company's chairperson Quazi Moniruzzaman and other board members, and appointed an administrator to the company for six months.

In a latest circular, it said retired Brig. General S M Ferdous has been appointed as the administrator to oversee the company's operations.

The action was taken in response to alleged embezzlement of a total of over Tk 1.87 billion by some of the company's directors.

The suspension has been imposed as per section 95(1) of the Insurance Act 2010.

This appointment, effective from April 21 (Sunday), was communicated via the circular signed by IDRA Director (Deputy Secretary) Md. Abdul Mozid on April 18.

On December 31 last, the insurance regulator appointed audit firm Hoda Vasi Chowdhury & Co to probe 17 instances of irregularities, including one regarding the appointment of Mostafa Golam Quddus in 2023 as the company chairman.

The audit firm's report unveiled that Quddus and six family-member directors had embezzled over Tk 1.87 billion from the company.