Former SIC Boss Refuses to Step Down, Sues Company
The former Managing Director of SIC Insurance Company Limited, Hollistar Duah-Yentumi, has refused to hand over her office and rather filed a lawsuit against the Company and its newly appointed Acting MD, James Agyenim-Boateng.
The legal action comes after President John Dramani Mahama’s appointment of Agyenim-Boateng as Duah-Yentumi’s successor on January 27, 2025.
However, Duah-Yentumi refused to step aside, claiming that her appointment was secured by a contractual agreement for a four-year term, set to expire on January 1, 2028.
In her suit, filed on February 4, Duah-Yentumi argues that the terms of her employment are strictly governed by her contract with SIC Insurance, which stipulates that any changes to her tenure must be authorized by the company’s Board of Directors or through a resolution passed by all shareholders at an Annual General Meeting (AGM).
She asserts that only the Board or the shareholders have the authority to end her tenure under the agreement’s Clause 7.
“The Plaintiff’s engagement with the 1st Defendant is governed by a contract of engagement dated 21st day of March 2024 (hereinafter) referred to as “the Agreement” executed between the 1st Defendant and the Plaintiff and the addendum to the Agreement dated the 2nd day of May 2024.
Under and by virtue of the agreement the Plaintiff’s tenure as the Managing Director is for a period of four years, thus expiring on the 1st day January 2028 or soon thereafter as may be agreed upon by the Board of Directors of the 1st Defendant and the Plaintiff.
The Plaintiff therefore states that all terms relating to and regarding the Plaintiff’s employment as the Managing Director of the public listed company such as the 1st Defendant is governed solely by the employment agreement executed by the parties
In furtherance of the pleading above, the Plaintiff’s employment therefore can only be terminated in accordance with the terms of the agreement particularly clause 7 therein and furthermore, the appointment of Directors or Managing Directors of the 1st Defendant is the sole preserve of the Board of Directors and or all the shareholders acting at Annual General Meeting.” part of the legal document reads.
Duah-Yentumi further contends that the termination of her employment, as well as the appointment of Agyenim-Boateng, is unlawful. She claims that the actions contravene the terms of her contract, which provides specific procedures for terminating her employment. As a result, she is asking the High Court to declare the termination of her contract null and void.
The lawsuit also highlights the financial implications of her termination. Under the terms of her contract, Duah-Yentumi is entitled to a lump sum payment of her gross salary, allowances, and benefits for the unexpired period of her tenure.
“The plaintiff further states that upon the termination of her employment, she is entitled, in accordance with clause 7 of the agreement, to a lump sum payment of her gross salary, allowances, and benefits for the unexpired period of the agreement, which payment must be made at the ‘official handing over to the next successor,” the suit adds.
In addition, Duah-Yentumi seeks to have the court annul Agyenim-Boateng’s appointment and reinstate her as the legitimate Managing Director of SIC Insurance. Her legal team is also demanding compensation for the salary and benefits she would have earned for the remaining period of her contract.
Her employment agreement provided her with significant benefits, including a 30-day paid annual vacation, an annual familiarization tour with a $3,000 airfare allowance, a per dim of $810 for international travel, and a personal accident and life insurance cover equivalent to five times her annual basic salary. These benefits were subject to an annual 15% increment review.
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