Photo : Collected
Sonali Life, one of Bangladesh's fastest-growing companies, faces significant challenges due to a deliberately partial audit conducted by the blacklisted firm, Hoda Vasi Chowdhury & Company.
Officials said this incomplete purposeful audit was carried out with the intent of facilitating a hostile takeover of one of the country's top-performing companies.
At the center of the controversy is the former CEO, Rashed Bin Aman, who also happens to be the ex-son-in-law of Mostafa Golam Quddus, a shareholder of the company.
Key figures allegedly involved in the plot include former SLICL chairperson Noor-E-Hafza, ex-IDRA chairman Md Jainul Bari, his son Mohsinul Bari Shakir, and a relative of the former principal secretary to the former Prime Minister, Tofazzel Hossain Mian.
According to a senior official, an investigation conducted by an international audit agency uncovered the intricate plot to oust Mr. Quddus and gain control of the insurance company.
SLICL, established in 2013, and under the patronage of Mr. Quddus, received perfect incubation, quickly rising to prominence in the life insurance sector.
The company became an industry leader through its innovative use of enterprise resource planning (ERP) technology, which allowed policyholders to access real-time updates on their mobile devices.
According to industry insiders, SLICL's achievement in processing claims within seven days spurred the company to annual growth rates of 100% to even 300%.
However, the hostile takeover plot began to appear in early 2023 when a conspiracy allegedly took place involving Noor-E-Hafza, Rashed Bin Aman, Md. Jainul Bari, his son Shakir, and a close associate of PM Tofazzel Hossain Mian.
It revealed that the takeover conspiracy to force Quddus out of the company had been in the works for a long time, with Rashed, in particular, playing a central role, said the official.
Rashed, who had risen through the ranks from Chief Financial Officer (CFO) to CEO, was found to be embezzling funds from the company.
He also secretly took control of 12% of the company's shares by creating dummy B.O. accounts and altering the books of accounts, giving him the leverage needed to initiate a hostile takeover.
When the allegations against Rashed surfaced, Sonali Life Insurance brought in a globally reputed international auditing firm in November 2023 to conduct a forensic audit.
During a forensic, in the software trail the international audit firm uncovered that Rashed had been manipulating the company’s finances by forging digital signatures and erasing financial records. His aim was to embezzle funds and acquire shares in the name of his associates.
Throughout this period, Noor-E-Hafza reportedly supported Rashed in his activities, according to SLICL officials.
The situation worsened when the former IDRA chairman, Jainul Bari appointed black listed Hoda Vasi Chy & Co as the auditor despite requests from Mr. Quddus and SLICL board to have an unbiased audit firm for the company.
The firm’s audit excluded key issues such as rents of the Quddus' building, working capitals paid by him and failed to investigate the allegations of embezzlement and the takeover attempt by Aman and Noor-e-Hafza.
In April 2024, the former IDRA chairman unilaterally dissolved Sonali’s board and appointed an administrator to oversee the company.
This action, according to SLICL officials, was aimed at creating chaos within the company and crashing its stock value, paving the way for the takeover.
The appointed administrator took drastic steps, including firing 13 top executives and cutting salaries, which led to a 60-80% decline in Sonali’s business in just two months.
Although a court later reinstated the fired executives, the damage had already been done, and Sonali struggled to recover. The July 2024 revolution brought some relief as the interim government removed the former IDRA chairman and dismissed the administrator. The original board was reinstated, and Sonali began to bounce back, said Quddus.
However, recent revelations indicate that the conspirators have regrouped and are once again attempting to seize control of the company.
A coordinated disinformation campaign has been launched against Mr. Quddus and his family, accusing them of being responsible for the company's earlier troubles.
These false accusations have even extended to threats against Quddus’s grandchildren. Shakir, the son of the former IDRA chairman, has also been involved in the conspiracy. He has been actively involved in spreading misinformation about Sonali and its founder via social media, a follow-up of his social media handle revealed.
One of his posts against Sonali was even featured later in a national daily. He has established several businesses worth over Tk 2.0 billion with the help of his father’s connections in the last few years.
A senior official at Sonali said that Rashed Bin Aman paid Shakir Tk 220 million in kickbacks to aid the takeover and spread propaganda.
Asked Quddus has called for an independent investigation into the actions of the former IDRA chairman, the political figures involved, and Rashed Bin Aman.
He said black listed company Hoda Vasi conducted the audit of Sonali during the fascist regime. Meanwhile, the Bangladesh Financial Intelligence Unit (BFIU) also considers audit reports by Hoda Vasi while making its report on fund embezzlement in Sonali which hurt the reputation of the company very badly, he said.
"I urged the government to conduct an audit by a reputable and credentialed firm to explore the reality,” said Quddus. He said, “We will fight to protect Sonali and ensure that the truth comes to light.”
Messenger/Sajib
