Former SIC MD Hollistar Duah-Yentumi
The former Managing Director of SIC Insurance Company Limited, Hollistar Duah-Yentumi, has withdrawn her lawsuit against SIC PLC and Acting Managing Director, James Agyenim-Boateng.
This was reported by TV3GH on the social media platform X, formerly known as Twitter.
Duah-Yentumi filed the lawsuit on February 4, 2025, challenging the termination of her employment and the subsequent appointment of Agyenim-Boateng, which was announced by President John Dramani Mahama on January 27, 2025.
A lawyer by profession, Duah-Yentumi argued that her tenure as Managing Director was contractually secured for a period of four years, set to expire on January 1, 2028, unless otherwise determined by the Board of Directors.
She contended that her employment was governed by a contract dated March 21, 2024, with an addendum dated May 2, 2024, stipulating that her position could only be terminated by the Board of Directors or through a resolution passed by all shareholders at an Annual General Meeting.
According to the lawsuit, her termination was unlawful as it was executed through a letter from the Office of the President, signed by Executive Secretary Callistus Mahama, Ph.D., on January 24, 2025.
The letter, referenced as OPS 127/25/149, was received by Duah-Yentumi on January 27, 2025. It purported to terminate her role while appointing Agyenim-Boateng as her successor.
Duah-Yentumi claimed this action violated the terms of her employment agreement. She sought a High Court declaration that her termination was unlawful and breached her contract.
“Regarding the termination of the Plaintiff’s employment, the Plaintiff states that under and by virtue of clause 7 of the agreement, the Plaintiff’s employment may only be terminated by the Board of Directors of the 1st Defendant or by all the shareholders of the company acting at an Annual General Meeting for the said purpose,” the suit read.
Additionally, she challenged the legality of Agyenim-Boateng’s appointment, arguing that it was not conducted in accordance with the company’s governance procedures.
The lawsuit also highlighted the financial implications of her termination. Under her contract, Duah-Yentumi was entitled to a lump sum payment covering her gross salary, allowances, and benefits for the remainder 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 added.
Her employment agreement included significant benefits, such as a 30-day paid annual vacation, an annual familiarization tour with a $3,000 airfare allowance, a per diem of $810 for international travel, and personal accident and life insurance coverage equivalent to five times her annual basic salary. These benefits were subject to an annual 15% increment review.
Duah-Yentumi’s legal team sought an order for the defendants to pay her entire salary and benefits for the unexpired term of her contract, along with any other relief the court deemed appropriate.
“The Managing Director shall be entitled to an annual familiarization tour to any destination. SIC shall pay an amount not exceeding US$3,000 for an air ticket for the trip upon proof of undertaking the trip. The annual familiarization benefit is a ‘use it or lose it’ benefit.
“The Managing Director’s annual familiarization tour shall be considered part of her entitled paid vacation days each year and should therefore be deducted from the total entitled days when taken.
“The Managing Director shall be paid a per diem of US$810 for all international travels for seven (7) days towards the familiarization tour referred to in section 5.3(d). The payment shall commence before her departure,” the suit further stated.
The case has drawn significant attention, raising questions about corporate governance, contractual obligations, and the role of external authorities in the management of publicly listed companies.
The defendants in the case were SIC Insurance PLC, a limited liability company listed on the Ghana Stock Exchange, and James Agyenim-Boateng, a lawyer and politician residing within the jurisdiction of the court.
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Former SIC MD Hollistar Duah-Yentumi drops lawsuit against SIC PLC and acting MDhttps://t.co/FjAw38PSw1
— #TV3GH (@tv3_ghana) February 6, 2025
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