Former SIC MD Hollistar Duah-Yentumi Withdraws Lawsuit Against SIC PLC and Successor

Former Managing Director of SIC Insurance Company Limited, Hollistar Duah-Yentumi, has officially withdrawn her lawsuit against SIC PLC and her successor, James Agyenim-Boateng. This legal battle stemmed from the revocation of her appointment and the subsequent appointment of Agyenim-Boateng as the new Managing Director on January 27, 2025.

In an appointment letter published on January 27, 2025, the President mandated a transition of management of the public liability company. However the appointment has been faced with stiff opposition from the outgoing MD, who has cited breaches in the employment contract in the wake of her termination.

She has subsequently filed a lawsuit against the company at an Accra Hight Court over the termination, arguing that under clause 7 of the employment agreement, her employment may only be terminated by the board of directors of the company or by all the shareholders of the company at an Annual General Meeting.

In the instance where her termination must be upheld, her legal team is requesting for her entire salary and benefits for the unexpired term of the employment contract until 1st January 2028.

These benefits will include GHc70K per month in basic salary, GHc84K clothing allowance every year, GHc7K monthly entertainment allowance, an official home with free utilities, GHc3K for a househelp, GHc3K for a security man, GHc2K for gardener, Free Hospital for spouse and 5 children, Official V8 and 450 litres of fuel, $3,000 air ticket for a tour each year $810 allowance per day for official travel and yearly tour and GHc3K for sports club membership.