SIC MD forced to step aside; replaced by Deputy MD

The Deputy Managing Director of SIC in charge of Technical, Kwei Mensah Ashidam, is now the acting boss of the insurance firm.

This follows the board's decision to ask the substantive Managing Director Doris Awo Nkani to take her accumulated on leave last Friday.   

Sources close to the company say Madam Nkani was asked to proceed on leave because of her connection with some credit guarantees issued to properties and construction firm ITAL without the full approval by the board.

Joy Business gathers that ITAL properties took some funds from Ivory Finance, a member of the CDH Group, for the construction of some properties, which went bad due to no fault of the company.

However sources say Ivory Finance which gave the credit to ITAL is now demanding that the loan be paid but because ITAL cannot pay all the funds back, Ivory Finance has to fall on SIC for the payment of that loan.

On the other hand, because SIC is currently not in the position to make full payment of the loan it guaranteed, a court order has been secured for some restriction to be placed on the accounts of SIC making it difficult for the firm to withdraw money from its accounts for its operations.

Sources say SIC could go on its knees, if Ivory Finance goes ahead to claim its money in full from the accounts of SIC.  

Joy Business has also learnt that the board is asking Doris Awo Nkani to step aside because of her handling of the recent embezzlement of some 1.1 million dollars and 700 thousand cedis belonging to the SIC insurance.

Meanwhile, even though Ms Awo Nkani has been asked to take her accumulated leave she is expected to be at work till Friday to work on her handing over notes for her Deputy Kwei Mensah Ashidam.

In a related development, the board and management of SIC has met the leadership of the workers to formally communicate their decision to the workers and measures been instituted to put the company on a strong footing.