Photo : Collected
Sheikh Kabir Hossain, uncle of former Prime Minister Sheikh Hasina, has been serving as the President of the Bangladesh Insurance Association (BIA), an organisation of insurance company owners and CEOs, for over a decade, violating the rules.
According to regulations, an individual can serve as BIA President for three consecutive terms, but he has broken this rule by serving for seven consecutive terms from 2011 to 2024.
Insurance company owners say that, being the uncle of Prime Minister Sheikh Hasina, he has been forcefully occupying the BIA President's chair for the past 13 years, disregarding the rules. His seventh term will end in December. However, he might be able to serve until April.
BIA Secretary General Nishith Kumar Sarker confirmed this to The Daily Messenger. When asked about the matter, Sheikh Kabir Hossain said, “I haven't become BIA President by abusing power. The insurance company owners have elected me repeatedly. I have repeatedly requested them to bring someone else to this position, but they have made me the President.”
When asked if he would resign now, he said no.
According to Dhaka Stock Exchange (DSE) information, Sheikh Kabir Hossain is not only the BIA President but also serves as the chairman of listed companies National Tea Company Ltd, Sonar Bangla Insurance Ltd, and Fareast Islami Life Insurance Company Limited. He is also serving as the Chairman of Central Depository Bangladesh Limited (CDBL), a share depository institution. All of this has been possible under the former Prime Minister's direction. He is assisted by the Prime Minister's Private Industry and Investment Adviser, Salman F Rahman.
Among non-capital market institutions, he serves as the Chairman of Khan Saheb Sheikh Mosharraf Hossain Foundation. He is also the Managing Director of Kabico Limited and Masuda Dairy Nutrition Limited.
On the other hand, he is the chairman of the Association of Private Universities of Bangladesh, the trade association of Bangladesh's private universities, and the founding chairperson of Holy Family Red Crescent Medical College Hospital. He is also serving as the Founding Chairman of Khan Saheb Sheikh Mosharraf Hossain School and College.
Notably, on August 5, Sheikh Hasina resigned as prime minister following a mass uprising of students' quota reform movement. Nine days later, on August 14, Sheikh Kabir Hossain resigned from the position of chairman and independent director of Fareast Islami Life Insurance Company. He also resigned from the position of chairman of National Tea Company Ltd. In his resignation, he cited personal reasons.
When asked, Sheikh Kabir Hossain told The Daily Messenger, “The former chairman of Fareast Islami Life has embezzled all the customers' money. I've tried hard to return their insurance money, but the company's land or flats can't be sold. On the other hand, customers are constantly calling me, crying, and some are even abusing me. Also, times are not good now. Considering everything, I have resigned from Fareast and National Tea Company as well."
Messenger/Fameema
