Insurance sector regulator, IDRA, has initiated a probe against a top official of the Janata Insurance Company Limited for allegedly giving false information to get approval of his appointment as its Managing Director, official sources said.
The issue of using false information to get approval was brought to the notice of IDRA (Insurance Development and Regulatory Authority) by a group of shareholders of the insurance company.
In a letter to IDRA, they said Md Bashir Ahmed, Additional Managing Director & Chief Executive Officer (currant charge) of Janata Insurance submitted an application to the regulator with false information and fake documents to get the approval.
The IDRA has already formed a three-member probe committee with its Executive Director (Law) SM Shakil Akhtar as the chief. IDRA said it would take appropriate legal action if the charges were found to be true.
Asked, Shakil Akhtar told The News Times that IDRA was aware of the charges brought against Bashir Ahmed. The probe committee will visit the Janata Insurance office soon to investigate into the matter.
The letter of the shareholders said Bashir has been in his current position in the company for around two years on current charge, although as per the insurance law any company can not to keep post of the chief executive officer vacant for more than six months.
The complainants alleged in their letter that according to Insurance Company’s Chief Executive Appointment and Removal Regulations-2012, a person must have three years of work experience of working with any insurance company as the CEO/MD or its immediate lower position, Additional MD, and must have 15 years of experience in the relevant field.
But Bashir Ahmed had neither been AMD for three years nor he had 15 years of work experience in the non-life insurance business.
The letter claimed that the company’s legal advisor also gave the same opinion, a copy of which was also attached with the letter submitted to IDRA.
Sources said Janata Insurance had written a letter to ABM Altaf Hossain, its legal advisor, on May 27, 2021 seeking advice on the issue.
Altaf wrote in his opinion that Bashir Ahmed doesn’t have the required experience to become Managing Director or Chief Executive Officer of any insurance company as per the probidhanmala 2012.
The letter said Bashir Ahmed didn’t claim in his written submission to the legal advisor that he had previously worked for Janata Insurance Company from 1989 to 1996. But he submitted a certificate of working with Janata Insurance for that period to get approval as the MD.
Sources said Bashir forced the head of the HR department to issue a fake certificate, although Bashir never worked for Janata Insurance before.
Despite repeated attempts, The News Times could not reach Bashir Ahmed for his comment.
