The immediate past Managing Director of SIC Insurance Company Limited, Hollistar Duah-Yentumi, has rescinded her decision on the suit she filed in court to challenge the termination of her appointment by President Mahama.
She has subsequently withdrawn the court application which also demanded as part of her reliefs, to declare the appointment of James Agyenim-Boateng as her successor as null and void.
Sources indicate a high-stakes meeting between the parties involved on Thursday, February 06, 2025, led to that resolution.
This means the parties have agreed to resolve the matter out of court.
Duah-Yentumi had challenged the termination of her appointment on the basis of disregard to corporate governance structures.
In her suit filed on February 4, 2025, she argued that her appointment was contractually secured for a four-year term, set to expire on January 1, 2028.
The lawyer had maintained that it was only the Board of Directors of the Company or the shareholders who could terminate her appointment at an Annual General Meeting.
With the lawsuit now withdrawn, both parties are expected to finalize their settlement terms outside of the courtroom.
Check the SIC Insurance Company MD’s 25 fringe benefits besides GHC840k salary per annum
