SIC Insurance Company and its departing Managing Director, Hollistar Duah-Yentumi, are embroiled in a bitter court battle as Hollistar has refused to resign even after being replaced by James Agyenim-Boateng, who was appointed by President John Mahama.
Madam Duah-Yentumi filed a lawsuit on February 4, contesting her removal and insisting that her contract remains valid until January 1, 2028. She argues that any changes to her tenure must be approved by the Board of Directors or decided at an Annual General Meeting.
Court documents have uncovered the lucrative financial benefits Madam Duah-Yentumi enjoyed as SIC’s top executive. She earned a gross monthly salary of GH₵70,000, amounting to an annual income of GH₵840,000.
Beyond her base salary, she received a clothing allowance of GH₵84,000 per year, an entertainment allowance of GH₵7,000 per month, and a canteen allowance of GH₵850 per month.
Additionally, she was granted a professional allowance of GH₵1,200 and extra payments for personal staff, including GH₵3,000 each for a house help and personal security, along with GH₵2,000 for a gardener.
Madam Duah-Yentumi’s benefits extended to an annual $3,000 familiarization tour, a per diem of $810 for official trips, and full coverage of utility bills, property rates, and taxes for her official residence. Download full detailed pdf below.
She was also entitled to a Toyota Land Cruiser V8, which would be sold to her at the end of her term, a mobile phone with rechargeable units, and 450 liters of fuel per month. Under her contract, these earnings and benefits were subject to an annual 15% increment.
Despite President Mahama appointing Mr. Agyenim-Boateng as her successor on January 27, Madam Duah-Yentumi remains firm that her contract is legally binding; she contends that her removal was unlawful and must be addressed through proper corporate governance procedures.
SALARY & BENEFITS OF SIC INSURANCE MANAGING DIRECTOR
Below is a document detailing everything salary, benefits, and allowances of former SIC MD, Hollistar Duah-Yentumi; kindly go through, and also we are leaving a link below to download the pdf.
Download Hollistar Duah-Yentumi’s pdf here.
