Following termination of five top level executives, the employees and officials of all the departments of Sonali Life Insurance on Tuesday staged sit-in demonstration on the Sonali Life premises at the city’s Malibagh Chowdhury Para which virtually has brought a stagnation to the routine activities of the company. .

Sources said the that Administrator of Sonali Life Insurance Company, appointed recently by the regulatory body, Insurance Development and Regulatory Authority (IDRA), Brig Gen (Retd) S M Ferdous is also planning to terminate around 25 more senior level officials of the company which may pose a threat to the company’s existence in near future.

Talking to this Correspondent, Sonali Life official Ms Rubina Yeasmin Rubi, Branch Manager, Metro Head Office, said that uncertainty, fear and panic spreads among both the huge number of policyholders as well the thousands of employees and development associates of the company about the future of the fastest growing 4^th generation insurance company.

The demonstrators demand immediate resignation of the Administrator and withdrawal of termination letter of those five top executives.

Senior officials of Sonali Life, Rubina fears that the decision to firing top-level officials would certainly push the company into a deep crisis that will also hamper image of the company among the customers and ultimately growth will fall drastically in the coming months.

By an official order, issued on Sunday, the Administrator of Sonali Life Insurance Company has Md Rafiqul Islam, Additional Managing Director (AMD), Mohammad Manzur Morshed, Assistant Managing Director (AMD), Muhammed Abdullahil Kafee, Deputy Managing Director (DMD), Md Golum Mostofa (DMD), and Syed Mohammad Azim, Assistant Managing Director (AMD). 

Earlier the Administrator issued show-cause notices to them following their allegations filed to the Honorable State Minister for Finance, FID and IDRA. .

The top executives, who have been sacked, collectively drive the majority of the company’s revenue, leading several teams in Dhaka and across the country.

Company insiders opine that instead of working to ensure wellbeing of the emerging insurance company, Sonali Life, the Administrator, since his appointment, has been taking harmful decision one after another which rather pushing the company towards the verge of destruction, specifically denying the Agents their due payments, but making bonus payments to the Administrators new recruits who received bonuses in less than 20 days since joining, such a disparity and discrimination has made the Agents including Branch Managers of the company feel deprived and decimated.

Meanwhile, the company insiders opine that the Administrator of Sonali Life Insurance Company has transformed the once thriving insurance firm into a zone of fear and panic. Employees are whispering about the 'mini cantonment' atmosphere that now pervades the company's headquarters, with armed Ansar forces patrolling the premises.