A former shareholder of the State Insurance Company (SIC), 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.

Speaking on Joy FM’s Super Morning Show on Friday, February 7, Mr Jiagge, who is also a lawyer and a chartered insurer, expressed concerns about asset disposals, staff transfers, and the general management of SIC.

“They need to conduct a forensic audit, first and foremost, into the disposal of assets. The veil must be lifted to reveal those who bought these assets,” he stated.

He also raised concerns about the technical capabilities of SIC’s staff, citing unusual transfers within the company.

“Late last year, several transfers were made, including appointing someone from the Human Resources department to head a technical unit. In my 40 years of service, I have never seen such management decisions,” he said.

Calling for a complete restructuring of SIC, Mr Jiagge urged that young, capable staff within the company be given opportunities to rise.

He also insisted that whoever becomes the next managing director must prioritise a forensic audit to examine how much of SIC’s business was channelled to a particular company.

“I can’t understand how I own assets, and yet those assets are insured elsewhere. It makes no sense. Many business owners in Ghana who own insurance companies ensure their assets are insured with their own firms, not with a technology company,” he argued.

He further called for a reversal of some of these decisions to restore confidence in SIC’s operations. "There should be a reversal of some of these movements," 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 However, Ms Duah-Yentumi has since withdrawn her lawsuit against SIC PLC and Mr Agyenim-Boateng.

Read also: Ex-SIC MD challenges dismissal in court; rejects Agyenim-Boateng as successor

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