Nonpayment by Sunlife Insurance

Warrant issued against health minister’s sister

IU Correspondent . Kushtia | Published: 23:52, Jun 01,2021

 
 

A Kushtia court has issued an arrest warrant against Sunlife Insurance Company chairman Rubina Hamid, also a sister of health minister Zahid Maleque, and six others, in a case filed on charges of not paying insurance money after maturity to its customers.

Customers Bashir Ahmed, Habibur Rahman and Moniruzzaman Dablu filed the case accusing the seven officials of the insurance company with the Kushtia Judicial Magistrate’s Court.

The family of health minister Zahid Maleque, who is a former chairman of Sunlife Insurance Company, owns the controlling stake of the listed company founded by his father MA Maleque.

The other accused in the case are Sunlife Insurance chief executive officer Md Nurul Islam, additional managing director Aslam Reza, audit officer Saidur Rahman Khan and company secretary Rabiul Islam and two others.

The court issued the warrant against the seven people on Monday, plaintiffs’ lawyer Abdul Matin Khandaker said on Tuesday.

A total of 11 cases have been filed against the people as they did not pay the money.

Two lawsuits are pending for lockdown and warrants have been issued in six of the cases, he said, adding, a warrant was issued from Kushtia to the Banani police station but it was not complied with.

The victims complained that Sunlife Insurance Company was not paying their money after the expiry of the 10-year term.

Rubina Hamid could not be reached over phone for comments on Tuesday despite making several attempts.

Banani police officer-in-charge Nur-e-Azam said that they had yet to receive the warrant.

He said that usually, it took 15-20 days for any warrant to reach a police station after its issuance.

The company’s matured life insurance policies worth at least Tk 70 crore were unpaid and the company currently has Tk 35-40 crore in cash and cash equivalent assets, according to officials of Insurance Development and Regulatory Authority.

IDRA on Tuesday decided to ask the company to pay from its available cash to the aggrieved clients as soon as possible and report to the regulator within June 15, they said.

Sunlife Insurance was listed with the country’s stock exchanges on January 31, 2013.

The company declared only 18 per cent stock dividends in total and could not declare any cash dividends between financial years 2012 and 2018.

The company has failed to declare any dividend for its shareholders from the financial year 2018, causing it to be placed in the Z category, also known as the junk category in the capital market.

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