-AMD Rafiqul tried to be CEO with fake certificate
-Illegal embezzlement of Tk 1.5 crore by 5 officials
'Rebels are none of the company'
Md Jahangir Alam, Spokesman, IDRA
'My certificate is 100 percent correct'
Rafiqul Islam, newly Ex Additional MD
Administrators of the Sonali Life Insurance Company (SLICL) recently fired five officials due to irregularities. The Insurance Development and Regulatory Authority (IDRA) dissolved the company's board of directors a few months ago due to rampant irregularities and corruption.
Sonali Life Insurance Company's former chairman Mostafa Golam Quddus has been found guilty of misappropriation of about Tk 200 crores by the company. A few days ago, in addition to those five officials, the company's administration fired 13 more officials.
However, some officials of the company are unwilling to accept the ban. With this, they also observe strike in some offices of the company. The officials and field workers of Sonali Life Insurance demanded the reinstatement of the 5 officers who were dismissed on various charges including financial irregularities, breach of discipline, and certificate forgery. They are saying that, Sonali Life is a victim of personal attack by the chairman of IDRA.
The officials and employees also demanded the resignation of the Chairman of IDRA and reinstatement of the sacked officials and also demanded the resignation of the administrator.
According to sources, on July 2, Sonali Life officials were stopped receiving financial benefits illegally. The mutinous officials are accused of obstructing a fair investigation into Sonali Life's irregularities. It has been alleged that these officials have the support of the suspended board of directors who had been accused of corruption. Earlier, on April 21, the Insurance Development and Regulatory Authority (IDRA) appointed an administrator after suspending the board of directors of the company. on charges of embezzlement of Tk 187 crore of Sonali Life.
The dismissed officials of the insurance company are – Additional Managing Director Md Rafiqul Islam, Deputy Managing Director Muhammad Abdullahil Kafi, Deputy Managing Director Golam Mostafa, Assistant Managing Director Syed Md Azim, and Assistant Managing Director Md Manzoor Morshed.
Hoda Vasi & Co was appointed auditor in June last year to further probe Sonali Life's business activities over the last 10 years to look into financial irregularities. The time allowed for the audit was 3 months. But the officials were accused of obstructing the provision of information according to the needs of the audit institute in various ways.
Md Rafiqul Islam, the company's additional managing director, one of the five expelled, is accused of various charges. Investigations by Dainik Amar Sangbad revealed various details of his irregularities. Apart from this, the current administrator of the company has also written to the regulatory body IDRA about his various misdeeds. There are serious allegations against him like applying to become CEO with fake educational certificate, and financial irregularities.
Analyzing the administrator's letter to the regulator IDRA, it was found that Rafiqul Islam had applied for appointment as CEO of Sonali Life Insurance Company with a fake education certificate. His education certificate came in the hands of The Daily Post.
Analyzing his education certificate, Rafiqul Islam's BA and Master's certificates were found to be fake. He has submitted two Certificates of Higher Education from National University to get appointment as Chief Executive Officer. Analyzing them, it was found that Rafiqul Islam's undergraduate and postgraduate registration numbers are the same, he was enrolled in undergraduate and postgraduate courses in the same year. Besides, he passed graduation and post-graduation in the same session. Not only that, the certificate issuance date is also the same. As per his two certificates registration number is 28953, session 1995-96, and date of certificate is 2000.
According to Section 131 of the Insurance Act 2010, employment on false certificate by fraud is an offense punishable under criminal law. Educationists said that admission in the same session for undergraduate and postgraduate, same registration number, obtaining two certificates in the same year is impossible and undoubtedly fake.
Rafiqul Islam, the former additional managing director of Sonali Life, was repeatedly called to inquire about this, but he did not receive the call. Later, when asked via text message, he told The Daily Post, "My certificate is 100 percent correct." This information is all purposeful, fabricated lies. He also said in that short message that he will file a defamation case against those who published this information.
In a letter to IDRA signed by the administrator of the company, Brigadier General SM Ferdous, it was said that while Md Rafiqul Islam was the additional managing director of the company, the board of directors of the company presented and approved Tk 1.5 crore as cash incentive without following due process a day before the cancellation. A total of five officers of the company shared Tk 30 lakh of this Tk 1.5 crore. It is a violation of Section 58 read with 59(2) of the Insurance Act-2010 and is a punishable offence. Apart from this, the letter also accused the appointed administrator and IDRA of planning false accusations in the Ministry of Finance and misrepresentation in social media.
Another officer of the company who has been expelled is Abdullahil Kafi, the former Deputy Managing Director. In his expulsion letter, it is stated that he violated the prevailing rules and order by filing baseless and fabricated allegations against the ministry appointed by the Insurance Development and Regulatory Authority (IDRA) and the administrator appointed by Sonali Life Insurance Company and IDRA. Not only that, he was also accused of spreading misleading information in newspapers and electronic media. Abdullahil Kafi also received that Tk 1.5 to Tk 3 million as incentive. This is in clear contravention of Section 58 of the Insurance Act, 2010.
Three other officers of the company, Deputy Managing Director Golam Mostafa, Assistant Managing Director Syed Mohammad Azim and Assistant Managing Director Md Monzur Morshed were expelled on the same charge. An analysis of the letter signed by the company's administrator, Brigadier General SM Ferdous, revealed that the three also made planned and fabricated complaints to the finance ministry against the Insurance Development and Regulatory Authority (IDRA) and the Sonali Life administrator.
Apart from this, the development workers working in the company systematically presented false information and mobilized them to organize sit-in strike against the administrator, support and inspire the campaign of strike of all departments and were engaged in devising various evil plans against the company and trying to implement them.
In their expulsion letter, it was also said that they called Deputy Manager Qayyum Ahmed working with the administrator in Sonali Life Insurance Company, Additional Managing Director Md Rafiqul Islam to his room and ordered the administrator not to cooperate. If he helped the administrator, he threatened to kill him along with his family members. Moreover, each of them took Tk 30 lakhs as additional cash incentive in violation of the provisions of Section 58 of the Insurance Act 2010.
In this regard, Insurance Development and Regulatory Authority spokesperson Md Jahangir Alam told The Daily Post that the administrator has taken action against them as there are good reasons. Now no matter how much they rebelled none of his company. They have been able to take this measure because the law has given jurisdiction to the administrator.
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