IDRA asks not to bar Sonali Life CEO's entry into office

The insurance regulator has directed the Board of Directors of Sonali Life Insurance Company not to obstruct entry of the life insurer's CEO into his office and access to necessary software to facilitate the ongoing probe into the alleged irregularities.
In a directive issued on Wednesday, the Insurance Development and Regulatory Authority (IDRA) said the office room of Sonali Life CEO Mir Rashed Bin Aman has been locked and he has been barred from entering his office. As a result, the IDRA directed investigation is being delayed.
Barring the CEO from performing duties and entering his office is unlawful and also violation of the existing corporate governance guideline.
At the same time, the IDRA also instructed the Sonali Life Insurance authorities not to settle any insurance claims and make no expenditure other than payment of salaries of the employees without prior approval of the regulator.
Earlier, the IDRA had appointed auditing firm Hoda Vasi & Co to conduct probe into the alleged financial irregularities against the life insurer and it has already started its activities.
The Sonali Life is a listed company and its trade closed on the day at Tk79.70.

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