Govt probing allegation of demanding bribes against IDRA chair

Staff Correspondent | Published: 22:42, Feb 25,2021


The government has formed a committee to investigate an allegation of demanding bribes against Insurance Development and Regulatory Authority chairman M Mosharraf Hossain.

On December 7, 2020, Delta Life Insurance Company Limited filed a complaint with the Anti-Corruption Commission against Mosharraf alleging that the IDRA chairman demanded Tk 50 lakh in bribes from the company.

On February 7, 2021, the insurance company at a press conference alleged that Mosharraf demanded Tk 50 lakh in bribes from it against re-appointing the company’s chief executive officer and calling off appointment of an administrator to the company’s board.

The finance ministry last week formed the three-member committee headed by ABM Ruhul Azad, additional secretary of Financial Institutions Division of the ministry, to investigate the allegation.

The committee has been asked to submit its report within 15 working days, ministry officials said.

The officials said that the IDRA chairman would also be kept out of a programme to be held to observe National Insurance Day on March 1.

Prime minister Sheikh Hasina will attend the programme as chief guest virtually.

The finance ministry in collaboration with IDRA, Bangladesh Insurance Association and Bangladesh Insurance Forum will organise the programme.

Bangabandhu Bima Mela, however, has been cancelled.

IDRA on February 11 suspended the board of directors of Delta Life Insurance Company for four months and appointed Sultan-Ul-Abedine Molla, a former IRDA member, as administrator to the company.

A member of suspended board of Delta Life Insurance Company alleged that the administrator has been appointed for a collateral purpose, namely, to interfere with an investigation on an allegation of corruption by procuring a withdrawal of the complaint through duress.

The allegation came after administrator-run Delta Life Insurance Company on February 17 asked its joint executive vice-president Pollob Bhowmik, the complainant to the ACC, to withdraw the complaint filed against Mosharraf over demanding bribes.

However, the High Court on February 23 instructed the ACC not to accept the letter submitted by Pallab seeking withdrawal of his complaint against Mosharraf.

On February 17, the capital market regulator, Bangladesh Securities and Exchange Commission, appointed chartered accountant MABS & J Partners to conduct a special audit into the company’s financial affairs.

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email