Rashed removed as Sonali Life Insurance CEO

Mir Rashed Bin Anam has been suspended and removed as the chief executive officer (CEO) of Sonali Life Insurance Company Ltd, known as Sonali Life, reports UNB.

According to official sources, the Insurance Development and Regulatory Authority (IDRA) in a letter dated March 28 said it approved a decision of the board of directors of the Sonali Life Insurance, which was taken on March 14 this year.

Earlier, Mr Rashed was appointed as CEO of the Sinali Life on April 24 in 2022. But a move was initiated by the Sonali Life authority to remove him from the CEO post after his 'Master of Business' degree certificate was proven to be fake.

Rashed could not be contacted as he has been in jail since March 14 in a money embezzlement case.

Sources said a three-member investigation committee, formed by the Sonali Life authority, found the 'Master of Business' certificate, received from University of Technology Sydney, fake.

In addition, a huge misappropriation of funds by the CEO was also detected by the investigation committee, said a source at the Sonali Life Insurance Company.