A former shareholder of the State Insurance Company (SIC), Larry Kwesi Jiagge, has revealed that he has always opposed the appointment of Hollistar Duah-Yentumi, the immediate past Managing Director of SIC.

Speaking on Joy FM’s Super Morning Show, Mr Jiagge, who is also a lawyer and a chartered insurer, said he challenged her appointment both as a concerned Ghanaian and as someone knowledgeable about the requirements of the role.

“As a person, I have always contested her appointment, first as a Ghanaian, secondly as somebody informed about the provisions of her job, and thirdly as a shareholder,” he stated.

Mr Jiagge further disclosed that he sold his shares in SIC, worth approximately GHS 200,000 after the regulator failed to act on a petition he submitted regarding her qualifications.

“I must specifically say that I sold my shares because the regulator refused to act on the petition I submitted to them,” he said.

According to him, his petition highlighted Section 55 of the relevant regulations and directives, which, in his view, made Madam Hollistar unqualified for the position.

Read Also: Government must conduct a forensic audit into SIC’s operations – Former Shareholder

“We cannot keep violating laws that we create for political expediency. That was my position,” he added.

In recent developments, the immediate past Managing Director of SIC Insurance Company Limited, Ms Hollistar Duah-Yentumi, had filed a lawsuit challenging her dismissal and the appointment of Mr James Agyenim-Boateng as the new Acting Managing Director.

She contended that her four-year contract, set to expire on January 1, 2028, was unlawfully terminated. However, Ms Duah-Yentumi has since withdrawn her lawsuit against SIC PLC and Mr Agyenim-Boateng.

Larry Kwesi Jiagge has called on the government to conduct a forensic audit of the company, particularly regarding the allocation of business to a specific company.

Read Also: Ex-SIC MD withdraws suit challenging termination of appointment