The Health Minister and his sister are set to sell additional Sunlife Insurance shares inherited from their deceased mother, following a recent sale of 1.34 crore shares for Tk67 crore. In the upcoming transaction, the health minister will sell 8.16 lakh shares, and his sister will sell 5.58 lakh shares to Green Delta Insurance, as per the share purchase agreement.
The Bangladesh Securities and Exchange Commission approved the deal with a two-year lock-in period for the new owners. The shares’ lock-in provision aims to stabilize ownership and prevent immediate selling. However, Sunlife Insurance faces challenges, particularly in settling policyholder claims, leading to legal actions against its high officials.
As of June 2023, the company’s outstanding claims totaled Tk30 crore, contributing to ongoing concerns about its financial stability and governance. The appointment of an observer by the Insurance Development and Regulatory Authority underscores the need for regulatory intervention to safeguard policyholders’ interests and ensure proper governance.
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