Islami Insurance Bangladesh’s Chief Executive Officer (CEO) Abdul Khalek Miah has been accused of being illegally removed. He lodged a verbal and written complaint with the insurance regulator IDRA on Thursday. Abdul Khalek Miah has admitted to filing the complaint, a press release said.
The letter of removal of CEO Abdul Khalek states that the company’s board of directors decided to terminate his employment in accordance with condition number 10 of the contractual appointment to the post of CEO, which has been implemented immediately. The letter was signed by Islami Insurance Vice Chairman Nur Mohammad. Clause 10 of the employment agreement provides for the release from service with a two-month notice. However, sub-section 80(2) of the Insurance Act 2010 states that the chief executive officer of an insurance company cannot be removed, dismissed or dismissed without the prior permission of IDRA. Again, IDRA cannot grant permission for removal without hearing the CEO and the company or an authorized person. IDRA’s Media and Communication Consultant Saifunnahar Sumi said that he is not aware that IDRA has given any permission to remove the company’s CEO.
Abdul Khalek has been the CEO of Islami Insurance Bangladesh on a three-year contract since September 2023. He has a contract to serve in the position for another year. When asked about the reason for his removal, Abdul Khalek refused to comment on the matter. Several calls to Vice Chairman Nur Mohammad’s mobile phone were disconnected. Calls and text messages were sent to the mobile phone of Company Secretary Chowdhury Ahasanul Haque to inquire about this. He did not respond.
It is learned that the CEO has not been working since August 14 after applying for leave. On August 19, Company Secretary Chowdhury Ahasanul Haque and Head of Insurance Claims Department Zahirul Haque went to the CEO’s residence and conveyed the message of resignation on behalf of the board.
The chairman of Islami Insurance Bangladesh is Awami League leader and former mayor of Dhaka City Corporation, Sayeed Khokon. He has been absconding since the July uprising last year. However, he is participating in the board meetings and AGM online. Sources said that the board is running on a tight schedule. There have been allegations of directors embezzling money in this institution in the name of insurance claims for a long time.
