Sonali Life Chairman refutes media report against his company, registers protest

Abu Sufian

Business Desk

MG Quddus, the newly elected Chairman of Sonali Life Insurance Company Limited has termed a recent news report, published in a daily newspaper, as baseless and registered his protest against it.

The Sonali Life Chairman, in a press release, has given clarification and addressed the concerns raised.

MG Quddus states that the allegations made against him occurred during a period when he was not a shareholder, director, or chairman of Sonali Life Insurance Company Limited.

Notably, he was elected to the position of Chairman on October 28, 2023, prior to which he had no involvement in the decision-making processes of the company and had only become a Director of the Company in September 2021.

Having a rich entrepreneurial background spanning several decades and being the former president of BGMEA, Mr. Quddus brings a wealth of experience to the company.

In 2023, upon noticing discrepancies in company operations, he initiated an internal inquiry to safeguard the interests of stakeholders.

This inquiry uncovered a group within the company with vested interests, leading to resignations of key members who were found to be involved in tampering, forgery and manufacturing important documents.

Also, to be noted that, a news article has presented a document claiming to be a Memorandum of Understanding (MOU) between the building owner and Sonali Life Insurance Company.

Mr. Quddus categorically states that the document displayed in the news article is fake. The authentic MOU, contrasts starkly with the fabricated version, which purportedly bears a false date of October 5th, 2021, bearing postdated stamp paper, which is also a void document.

Furthermore, the misrepresented document falsely indicates a space for purchase/sell of the property, measuring 58,800 square feet. Deliberately inflated space value, with mala-fide intent, to Tk 350.00 crores which is a travesty of facts, and creates a significant discrepancy from the actual total consideration amount of Tk 110.05 crores stated in the original MOU as well as the application to IDRA.

Mr. Quddus asserts that the purpose behind manipulating these documents is to sow confusion and panic among key stakeholders, potentially undermining the company’s growth trajectory.

In a noteworthy development, Sponsor Directors— Shafia Sobhan Chowdhury, Fauzia Quamrun Tania, and Sheikh M Danial—have diligently paid their due amounts against the shares ultimately allotted to them.

These payments were made from their respective sources and were made after thorough due diligence under the then Chairman and CEO, in accordance with the rules and regulations set forth by the Registrar of Joint Stock Companies (RJSC) and other relevant laws.

To address these concerns, Mr. Quddus will present authentic documents to refute any misleading information.

He reiterates faith in the judiciary and law enforcement agencies of Bangladesh and plans to engage with various government departments to uphold the company’s integrity.

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