Photo : Collected
Sonali Life Insurance Company Limited's Chairman, Mustafa Golam Quddus, has reportedly sold a property floor valued at Tk 200 crore to the company without obtaining the necessary approval from the Insurance Development and Regulatory Authority (IDRA). Initial investigations by the Bangladesh Securities and Exchange Commission (BSEC) and IDRA have uncovered evidence of this incident.
It has come to light that Mustafa Golam Quddus sold a floor of a building in Malibagh, owned by him, to the company. He entered into a contract for the sale of 1,32,800 square feet of space on the 3rd to 14th floors of the 15-story building, valuing the deal at Tk 350 crore. Approximately Tk 200 crore was received by him for the floor, a payment made by Sonali Life without the requisite approval from IDRA.
Regarding the purchase of land, building or floor, the circular of the Insurance Development and Regulatory Authority states that it is illegal to purchase land or building without the approval of the authority and to deal with these purchases.
Between August 2021 and November 2023, Sonali Life disbursed approximately Tk 200 crore to Mustafa Golam Quddus as payment for the floor sale. It's worth noting that, despite these transactions, Sonali Life applied for the IDRA on September 13 of this year, seeking approval for the purchase of 74,700 square feet of the building.
Sonali Life disbursed approximately Tk 200 crore as the purchase price for the building before obtaining approval for the acquisition. Despite numerous attempts to contact Sonali Life Chairman Mustafa Golam Quddus for inquiries regarding this matter, he did not respond to the calls.
According to the information, Mustafa Golam Quddus took a total of Tk 212,06,49,000 from the funds of Sonali Life through 52 transactions from August 19, 2021, to November 2, 2023. Out of this, Tk 50,36,18,000 was transferred from the bank account of Sonali Life in the name of Mustafa Golam Quddus.
Apart from this, Tk 67.56 crore were transferred in the name of Dragon Sweater, Tk 63.63 crore in the name of Dragon Information Technology, Tk 3.5 crore in the name of Imperial Sweater, Tk 27 crore in the name of CD Acrylic Bangladesh and Tk 3.5 crore were transferred to other sectors.
IDRA Director and Spokesperson Jahangir Alam told The Daily Messenger, “We are closely monitoring the investment activities of Sonali Life, and various concerns have arisen in connection with these investments. Despite having requested information from the company on two separate occasions, it has displayed reluctance in providing comprehensive details.”
Meanwhile, Mustafa Golam Quddus has singularly exerted control over the company by appointing Sonali Life directors exclusively from outside his family, effectively consolidating his influence. Exploiting this dominant position, he entered into a high-priced land sale agreement without securing necessary approvals, thereby acquiring Tk 200 crore without the required sanction from IDRA.
There are 6 more directors from his family in the company. They are his wife Fazletun Nesa, son Mostafa Kamrus Sobhan and his wife Safia Sobhan Chowdhury, two daughters Fauzia Kamrun Tanya and Tasnia Kamrun Anika, and her husband Sheikh Mohammad Daniel.
Meanwhile, on May 15, 2018, IDRA approved an increase in paid-up capital of Tk 10.50 crore to the end of entrepreneurs. Then on June 26 of that year, the purchase of shares worth Tk 10.50 crore was shown in the name of 10 entrepreneurial directors.
Sources from the Insurance Development and Regulatory Authority (IDRA) reveal that Mustafa Golam Quddus and certain directors indicated that they paid the share price into the company's fund through individual pay orders issued in their names. However, it has come to light that these pay orders were drawn against Sonali Life's fixed deposit (FDR), which was mortgaged. Notably, Tk 10 crore was the initial value of Sonali Life's FDR in South Bangla Agricultural and Commerce Bank (SBAC), and Tk 8.95 crore was withdrawn against this FDR through a single cheque.
A distinct cheque from another account saw a withdrawal of Tk 1.55 crore, orchestrated by Mustafa Golam Quddus. A separate pay order indicates a deposit of Tk 10.50 crore into another bank account of Sonali Life in SBAC. While six members later contributed, Mustafa Ghulam Quddus and two other family members did not fulfill their payment obligations, totaling Tk 10.50 crore.
In response to the situation, Rezaul Karim, the Executive Director and Spokesperson of the Bangladesh Securities and Exchange Commission (BSEC), informed The Daily Messenger that the non-payment of paid-up capital is a grave violation of the regulations. If the board members of the insurance company are found to be implicated in this offense, appropriate legal actions will be taken.
Messenger/Sajib
