The Vice-Chairman of the Board of Directors of an unidentified insurance company has filed a case against the Chairman of the Board of Directors of the Insurance Regulatory Unit for refraining to pay customer claims due to lack of liquidity.
The case papers show several illegal transgressions committed by the Chairman of the Board of Directors, and the seizure of the company’s funds through illegal means, in addition to his lack of entitlement to all the value of the shares that he embezzled from the company’s assets to buy and register them in the name of his son without paying their value from his own account, including 12 million shares worth a total of 864 thousand dinars, 6 million shares at a value of 432 thousand and 3 million shares worth 216 thousand, reports Al-Jarida daily.
The Vice-Chairman of the Board called for full recovery of the company’s rights, with the return of the shares to the company and the recovery of the value of the cash amounts that were seized in full, with the removal of the Chairman of the Board of Directors from his position, and the formation of a committee to investigate his abuses, and transfer the file to the competent authorities to consider the matter and restore the company’s rights; the return of the stolen shares in the interest of the company; claim all damages incurred by the company and other shareholders, and the total cash and in-kind amounts, in addition to the shares, that have been seized, estimated at more than 6 million dinars.
Among the abuses committed by the president was the transfer of approximately 6 million dinars, according to an official transfer letter signed by the Chairman of the Board of Directors to Jordan and Egypt, to purchase lands for the benefit of the company, and these lands were not registered at the time, and charges were fabricated against other people, and they are now being looked into by the courts.
Land was also sold in Egypt by the president under a power of attorney from an unauthorized person, and according to sales contracts for 120 thousand dinars, and the contracts were changed to 80 thousand later by him.
The complaint indicated that a contract was signed between the company and another trading and contracting company, to borrow an amount of 300,000 dinars at an interest equivalent to three times the amount, according to bank checks from the insurance company, and it was paid with interest for an amount exceeding one million dinars, to pay some of the company’s obligations.
The Chairman of the Board of Directors also purchased luxury cars from a broker’s account in the name of his wife and son, worth more than 200,000 dinars, and spent monies on family expenses, travel tickets for the wife’s relatives, gifts, repairs for cars and renovating the house at the expense of the company.