Delta Life Insurance Company Limited has alleged that Insurance Development and Regulatory Authority chairman M Mosharraf Hossain demanded Tk 50 lakh in bribes from the insurance company.
Delta Life Insurance made the allegation at a press conference held at its head office in Dhaka on Sunday.
The insurance company alleged that Mosharraf demanded the money in bribes against re-appointing the company’s chief executive officer and renewing its actuarial valuation basis.
The insurance company on December 7, 2020 filed a complaint with the Anti-Corruption Commission against Mosharraf for demanding bribes.
In the letter to the ACC, Delta Life Insurance said that Mosharraf demanded Tk 50 lakh in bribes through a mobile phone call to Delta Life Insurance joint executive vice-president Abdul Awal.
The company submitted a recording of the call and its transcript to the ACC as proof.
Despite repeated attempts, Mosharraf could not be reached for comment over the allegation till filing the report.
In the press conference, Delta Life Insurance executive director Chowdhury Qamrul Ahsan said that Mosharraf, also a former Delta Life Insurance official, was intentionally putting pressure on the company for achieving his illicit interests.
In 2020, IDRA did not re-appoint the chief executive officer of Delta Life Insurance and did not renew the company’s actuarial valuation basis.
‘When the company met the IDRA chairman to discuss these problems, Mosharraf on November 13 demanded Tk 2 crore initially, then reduced the amount to Tk 1 crore and finally demanded Tk 50 lakh in bribes from the company,’ Qamrul said.
He said, ‘Awal met the IDRA chairman at his house and recorded the conversion. He insisted that Tk 50 lakh was lower than his initial demand and if paid, he would renew the CEO’s contract, improve actuarial basis and waive fines. If not paid, he would appoint an administrator to the company.’
‘Without providing the bribes to the IDRA chairman, the company filed a complaint with the ACC along with the audio clip and transcript,’ he said.
IDRA rejected the renewal of the CEO’s contract on November 15, 2020.
The regulatory body also fined Delta Life Insurance Tk 5 lakh on November 16 for not providing it with the audited financial statements of the company.
‘Delta Life Insurance also requested the government to take action against the corrupt IDRA chief through the ACC and stop harassment against Delta Life Insurance,’ Qamrul said.
‘FRAMES & R submitted its investigative audit report to IDRA on January 14 this year with mostly minor findings, but a section headlined “Anomalies found without proof” states various baseless allegations against Delta board and management, contradicting their own observations earlier in the report,’ Delta Life Insurance claimed.
The IDRA chairman filed a general diary with the Motijheel police on December 13, 2020, stating that Awal was the one who had tried to bribe him and that all recordings of the IDRA chairman had been tempered by Awal.
Besides, Mosharraf on January 12 filed a case against six officials, including Awal, with the Chief Metropolitan Magistrate Court.
The court asked the Police Bureau of Investigation, Dhaka to investigate the case and submit the report on February 2.
IDRA served a show-cause notice on Delta Life Insurance on January 18 as to why an administrator should not be appointed to the company based on the two audit reports.
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