Ex-SIC MD withdraws suit against removal from office

Hollistar Duah-Yentumi, the former Managing Director of SIC Insurance Company Limited, has decided to withdraw her lawsuit aimed at halting the termination of her appointment by President John Mahama.

Sources familiar with the matter have confirmed that Duah-Yentumi’s decision follows a pivotal meeting held on February 6, 2025, involving key figures from both sides. The parties involved have reportedly reached an agreement to resolve the issue amicably, outside of the courtroom.

As part of the resolution, Duah-Yentumi has also rescinded her legal challenge to the appointment of James Agyenim-Boateng as the new Managing Director of SIC Insurance.

Previously, Duah-Yentumi had filed a lawsuit accusing the company and its newly appointed Acting MD of unfairly terminating her position and disregarding corporate governance protocols. Her legal action, filed on February 4, asserted that her appointment was secured by a contract for a four-year term, set to end on January 1, 2028. She maintained that any alterations to her tenure would need approval from the Board of Directors or a resolution from shareholders during an Annual General Meeting.

With the lawsuit now withdrawn, both parties are expected to finalize their settlement outside the court’s jurisdiction.

Lawsuit exposes Ex-SIC MD’s GH₵70k salary and labish perks

A lawsuit filed by Hollistar Duah-Yentumi, the former Managing Director of SIC Insurance, has brought to light her significant earnings and lavish benefits amid a dispute over her removal from office.

The legal action, filed on February 4, not only challenges her termination but also unveils the impressive compensation Duah-Yentumi received during her tenure as the company’s top executive.

Court documents reveal that Duah-Yentumi earned a gross monthly salary of GH₵70,000, totaling GH₵840,000 annually. In addition to her salary, she was entitled to an annual clothing allowance of GH₵84,000, a monthly entertainment allowance of GH₵7,000, and a canteen allowance of GH₵850 per month.

Other perks included a GH₵1,200 professional allowance, as well as payments for personal staff—GH₵3,000 for a housekeeper and personal security, and GH₵2,000 for a gardener. Additionally, Duah-Yentumi enjoyed a $3,000 annual familiarization tour, $810 per diem for official travel, and full coverage for utility bills, property taxes, and other living expenses for her official residence.

She also had access to a Toyota Land Cruiser V8, which she could purchase at the end of her term, a company-issued mobile phone with free credits, and 450 liters of fuel per month. These benefits, under her contract, were subject to an annual review and 15% increase.

Although President Mahama appointed James Agyenim-Boateng as her replacement on January 27, Duah-Yentumi continues to argue that her four-year contract, which was set to expire on January 1, 2028, remains valid. She asserts that any changes to her appointment must be approved by the Board of Directors or resolved by shareholders at the Annual General Meeting.