सुदर्शन सापकोटा, काठमाडौं, जेठ २७- रकम अभावले समस्यामा परेको भिबोर विकास बैंक उकास्न राष्ट्र बैंकले बिहीबार ५० करोड रुपैयाँ ऋण सहयोग दिने निर्णय गर्यो। तीन महिनायता निक्षेपकर्ताको पैसा फिर्ता गर्न नसक्नेगरी आर्थिक संकटमा फसेको यो पाँचौं वित्तीय संस्था हो।
यसअघि युनाइटेड विकास बैंक, सम्झना फाइनान्स, गोर्खा विकास बैंक, नेपाल सेयर मार्केट्स एन्ड इन्स्टिच्युसन र पिपल्स फाइनान्स समस्यामा परे।
संस्थागत निक्षेपकर्ताहरूले एकैचोटि ३२ करोड झिकिदिएपछि संकटमा परेको भिबोरका अधिकारी सहयोग माग्न साँचो बोकेरै बुधबार बिहान राष्ट्र बैंक पुगेका थिए। 'कि पैसा देऊ, नभए व्यवस्थापन लिइदेऊ' भन्ने उनीहरूको आग्रह थियो। बिहीबार बसेको राष्ट्र बैंक सञ्चालक समितिको आकस्मिक बैठकले सहयोगको हात बढाउने निर्णय गरेपछि भिबोरको संकट टर्यो।
निक्षेपभन्दा बढी कर्जा प्रवाह गरेकाले वित्तीय संस्था धमाधम समस्यामा परेका हुन्। राष्ट्र बैंक, सेनालगायत संस्थागत निक्षेपकर्ताले आफ्नो पाकेको मुद्दती खाता बन्द गरी पैसा फिर्ता लिएपछि समस्या थप बल्भि्कएको छ।
'सञ्चालकहरूको बेथितिले डुबेकाबाहेक एकपछि अर्को संस्था तरलता अभावकै कारण ढलेका हुन्,' बैंकर्स संघका अध्यक्ष अशोक राणाले नागरिकसँग भने, 'सरकारले खर्च बढाउन थाले तरलता सहज हुन्छ।'
समस्याको कारण जेसुकै भए पनि वित्तीय संस्थाप्रति सर्वसाधारणको विश्वास धर्मराएको छ। आफूले पैसा जम्मा गरेको संस्था डुबिहाल्ने हो कि भन्ने डरले कतिपय सरकारी बैंकतिर सरेका छन्। यसले वित्तीय संस्थालाई थप जोखिममा पुर्याएको छ।
यो समस्यामा बल पुर्याएको केही हदसम्म राष्ट्र बैंकले हो।
दुई साताअघि राष्ट्र बैंकले विभिन्न विकास बैंक र फाइनान्स कम्पनीबाट आफ्नो निक्षेप फिर्ता लिएर ११ वाणिज्य बैंकमा सार्यो। अरू संस्थागत निक्षेपकर्ताले यही सिको गरे। बिमा संस्थान, नेपाल टेलिकम, नेपाली सेना, कर्मचारी सञ्चय कोष, नागरिक लगानी कोषलगायतले विकास बैंक र फाइनान्स कम्पनीबाट पैसा झिक्न थालेका छन्। हुँदाहुँदा यो क्रम अलि ठूला सर्वसाधारण निक्षेपकर्तासम्म आइपुगेको वित्तीय संस्थाका सञ्चालक बताउँछन्।
'मान्छेहरू एउटा संस्था संकटमा परेको देखेपछि आफू सुरक्षित हुनतिर लाग्छन्,' भिबोरका कार्यकारी अध्यक्ष अजय घिमिरेले भने, 'यसले पूरै क्षेत्रलाई समस्यामा पार्छ।'
समस्याको सुरुवात
वित्तीय संस्थाको समस्या तरलता अभावबाट सुरु भएको हो। बैंकरहरू यो अभाव राजनीतिक संक्रमणसँग जोडिने बताउँछन्।
राजनीतिक संक्रमणका कारण विकास खर्च हुन नसक्नुले बैंक तथा वित्तीय संस्थामा रकम अभाव छ। आएको बजेट पनि खर्च नहुँदा अर्थतन्त्र गतिशील हुन सकेको छैन। वाणिज्य बैंकको दायरा र पुँजी आधार फराकिलो हुने हुँदा चाँडै समस्या आइहाल्दैन। थोरै पुँजीमा खेलिरहेका वित्तीय संस्थाबाट ठूलो रकम बाहिरिनेबित्तिकै दैनिक कारोबारमै पैसा खाँचो हुन्छ।
'अहिलेको समस्या प्रणालीगत असर हो। धेरै कुराले एकैचोटि गाँजेकाले एकपछि अर्को समस्या देखियो,' राष्ट्र बैंकका डेपुटी गभर्नर महाप्रसाद अधिकारीले बिहीबार नागरिकसँग भने, 'सम्हालिनेगरी कारोबार गरिरहेका संस्थामा समस्या छैन।'
निर्यातका तुलनामा आयातमा उच्च वृद्धि भई शोधनान्तर घाटा बढ्नु र रेमिट्यान्स वृद्धिदर घट्नुले पनि बैंकिङ क्षेत्रको निक्षेपमा असर परेको हो।
चैतसम्म मुलुकको शोधनान्तर घाटा १४ अर्ब ६९ करोड रुपैयाँ पुगेको छ। विदेशबाट आउने रेमिट्यान्सको वृद्धिदर ११ प्रतिशतमा सीमित छ। गत वर्ष २३ प्रतिशत थियो। सरकारी खर्च नहुँदा विदेशी सहायता पनि प्रभावित भएको छ। सरकारलाई ९९ अर्ब रुपैयाँ सहायता प्राप्त भए पनि जम्मा २३ अर्बमात्र खर्च गर्न सकेको छ।
विगतमा बैंक तथा वित्तीय संस्थाले सर्वसाधारणको विश्वास गुमाउनु रकम अभावको अर्को कारण हो।
'अघिल्लो वर्ष दसैंमा नगद अभाव हुँदा सर्वसाधारणले बैंकबाट चाहेजति भुक्तानी पाएनन्,' वित्तीय कम्पनी संघका अध्यक्ष राजेन्द्रमान शाक्यले भने, 'आफ्नै खाताबाट चाहेका बेला पैसा झिक्न नसकेपछि सर्वसाधारणले बैंक वा वित्तीय संस्थाको सट्टा आफैंसँग राख्न बढी सुरक्षित ठाने।'
सरकारका विभिन्न नीतिगत परिवर्तनले पनि बजारको पैसालाई बैंकसम्म पुग्नबाट रोकिरहेको छ।
एक वाणिज्य बैंकका प्रमुख कार्यकारीका अनुसार माओवादी नेतृत्वको सरकारले स्वयंकर घोषणा र सम्पत्तिको स्रोत खुलाउनुपर्ने प्रवाधान ल्याएपछि सर्वसाधारण सशंकित भए।
'बैंकमा १० लाख रुपैयाँ जम्मा गर्दा स्रोत देखाउनुपरेपछि घरमै राख्ने वा सुन किनेर, जग्गा किनेर राख्ने क्रम बढ्यो,' ती बैंकरले भने, 'त्यसपछि जग्गामा पनि निश्चित कारोबार बैंकमार्फत गर्नुपर्ने प्रावधान आयो। यसले पैसा लुकाउने क्रम झन् बढ्यो।'
यी वाह्य कारणसँगै बैंक तथा वित्तीय संस्था आफैं पनि यसमा जिम्मेवार छन्। तरलता व्यवस्थापन गर्ने आफ्नै रणनीति नहुनु समस्याको आन्तरिक कारण हो।
राष्ट्र बैंकले कर्जा-निक्षेप अनुपात तोकेको हुन्छ। धेरैले जानीजानी यसको बेवास्ता गर्दै आएका छन्। कति चाहेर पनि त्यो सीमाभित्र आउन सकेका छैनन्। राष्ट्र बैंकले सय रुपैयाँ निक्षेप संकलन भए ८० रुपैयाँसम्म कर्जा लगानी गर्न निर्देशन दिएको थियो, जुन धेरै वित्तीय संस्थाले पालना गरेका छैनन्।
'कर्जा-निक्षेप अनुपात तोकिएको सीमामा राख्न नसक्नु कम्पनीको कमजोरी हो,' मेगा बैंकका प्रमुख कार्यकारी अधिकृत अनिल शाहले भने।
राष्ट्र बैंकको भूमिका गहन
बैंकर्स संघका अध्यक्ष अशोक राणाले एकपछि अर्को वित्तीय संस्था समस्यामा पर्ने यो क्रम थप अगाडि बढ्न नदिन राष्ट्र बैंकको भूमिका गहन भएकाले सहयोगको खाँचो पर्ने बताए।
कतैबाट पनि पैसा नआएको अवस्थामा राष्ट्र बैंक 'बैंकहरूको बैंक' भएकाले उसैले तरलता प्रवाह गर्नुपर्ने बैंकरहरूको राय छ। 'अप्ठेरो अवस्थामा राष्ट्र बैंकले आर्थिक रूपमै सहयोग गर्नुपर्छ, हामीले यसबारे छलफल गरिरहेका छौं,' एक बैंकका प्रमुख कार्यकारीले भने।
राष्ट्र बैंकका अधिकारी भने यसमा सहमत छैनन्। 'कसैले यतिउति पैसा दिएका आधारमा संस्था चल्दैन, संस्था चल्न सर्वसाधारणको विश्वास चाहिन्छ,' डेपुटी गभर्नर अधिकारीले भने।
बैंकिङ क्षेत्रको विश्वास बढाउन राष्ट्र बैंकले पनि आफ्नो तर्फबाट कदम चालिरहेको उनले बताए। कुनै एउटा संस्था समस्यामा पर्दा त्यसको असर 'प्रणालीगत' हुने भन्दै राष्ट्र बैंकले यसलाई हल गर्न समिति बनाएको उनले जानकारी दिए। 'समितिबाट आएको रिपोर्टका आधारमा हामी अगाडि बढ्छौं,' अधिकारीले भने।
बैंकरहरूका अनुसार समस्याको सहज हल समयमै बजेट ल्याउनु पनि हो। चार आर्थिक वर्षदेखि समयमा बजेट आउन नसक्नुले विकास खर्च प्रभावित भएको छ। यसकै असर बैंकिङ क्षेत्रसम्म आइपुगेको उनीहरू बताउँछन्।
दलहरूले बजेटमाथि राजनीति नगरेर समयमै जारी गर्ने र समयमै खर्च गर्नेबित्तिकै बैंकिङ प्रणालीमा पैसा आउन थाल्ने र तरलताको अभाव टर्ने बैंकरहरू बताउँछन्।
'सञ्चालकहरूको मनोमानीका कारण डुबेकाबाहेक वास्तविक आर्थिक कारण र तरलता अभावले समस्यामा परेकालाई यसले ठूलै राहत दिनेछ,' एक बैंक कार्यकारीले भने।
http://www.nagariknews.com/economy/banking-money/27504-2011-06-10-03-54-27.html
Friday, June 10, 2011
NRB issues Vibor Rs 500m 'last resort' loan
KATHMANDU, June 10: Nepal Rastra Bank (NRB) on Thursday provided a short-term loan of Rs 500 million to liquidity-strapped Vibor Bikas Bank (VBB), in response to calls for urgent support from the central bank to avert a looming collapse.
An emergency board meeting held at NRB on Thursday decided to extend the conditional loan for a period of six months,under its ´lender of last resort´ policy. NRB took the extreme measure mainly because it feared that adversity at the national-level development bank could leave a systemic impact.
Two days after People´s Finance Limited shut down operations due to a liquidity crunch, top brass at Vibor, similarly bogged down by liquidity crunch, had requested NRB on Wednesday for a management takeover.
“The situation was pressing. Hence, we decided to swing into action immediately,” said a senior NRB official. “The bank needed cash, not a management takeover. So we chose to pledge it a loan instead of taking over its management,” he told Republica.
Along with agreeing to a set of tough conditions, the troubled VBB has pledged a number of collaterals for the loan, including good loans worth Rs 700 million and a plot of land worth Rs 350 million at Kamalpokhari.
That is not all. NRB has also instructed Vibor to take a number of corrective actions such as appointment of separate individuals as chairman and chief executive. Currently, the bank was operating with Ajaya Ghimire as chairman and CEO. The central bank also decided to send VBB into forced merger and asked it to sign a merger MOU with some other financial institution within the next three months.
“We have issued strongly worded instructions to Vibor to instantly find a partner and undergo merger,” said the source. The instructions were issued as per the recently enforced merger bylaw, which authorizes the central bank to force banks and financial institutions (BFIs) to merge in case their health deteriorates badly.
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The central bank has also sought a liquidity management plan, an asset disposal plan and cuts in staff expenses.
NRB officials agreed that Vibor plunged into a mess largely due to poor liquidity and risk management. “Its weakness was it had not worked out alternative plans to arrange funds despite knowing that large fixed deposits were maturing soon and might not be renewed,” said the source.
Officially, Vibor has blamed its crisis mainly on withdrawal of deposits worth Rs 270 million by NRB and Rs 50 million by the Nepal Army Welfare Fund about a week ago. “Records show the bank has suffered massive withdrawals of about Rs 500 million in around a month. Any bank will turn cash-strapped after such withdrawals,” said a banker.
Despite its troubles, officials said Vibor was still a solvent bank. Its deposits presently stand at around Rs 300 billion, whereas its loans and advances total Rs 2.30 billion. The bank has investments in about half a dozen assets-related projects.
“The health of the bank now depends on how fast it disposes of its assets and cuts expenses,” said NRB officials. The bank said it will recover in one-and-a-half months if everything goes well.
An emergency board meeting held at NRB on Thursday decided to extend the conditional loan for a period of six months,under its ´lender of last resort´ policy. NRB took the extreme measure mainly because it feared that adversity at the national-level development bank could leave a systemic impact.
Two days after People´s Finance Limited shut down operations due to a liquidity crunch, top brass at Vibor, similarly bogged down by liquidity crunch, had requested NRB on Wednesday for a management takeover.
“The situation was pressing. Hence, we decided to swing into action immediately,” said a senior NRB official. “The bank needed cash, not a management takeover. So we chose to pledge it a loan instead of taking over its management,” he told Republica.
Along with agreeing to a set of tough conditions, the troubled VBB has pledged a number of collaterals for the loan, including good loans worth Rs 700 million and a plot of land worth Rs 350 million at Kamalpokhari.
That is not all. NRB has also instructed Vibor to take a number of corrective actions such as appointment of separate individuals as chairman and chief executive. Currently, the bank was operating with Ajaya Ghimire as chairman and CEO. The central bank also decided to send VBB into forced merger and asked it to sign a merger MOU with some other financial institution within the next three months.
“We have issued strongly worded instructions to Vibor to instantly find a partner and undergo merger,” said the source. The instructions were issued as per the recently enforced merger bylaw, which authorizes the central bank to force banks and financial institutions (BFIs) to merge in case their health deteriorates badly.
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The central bank has also sought a liquidity management plan, an asset disposal plan and cuts in staff expenses.
NRB officials agreed that Vibor plunged into a mess largely due to poor liquidity and risk management. “Its weakness was it had not worked out alternative plans to arrange funds despite knowing that large fixed deposits were maturing soon and might not be renewed,” said the source.
Officially, Vibor has blamed its crisis mainly on withdrawal of deposits worth Rs 270 million by NRB and Rs 50 million by the Nepal Army Welfare Fund about a week ago. “Records show the bank has suffered massive withdrawals of about Rs 500 million in around a month. Any bank will turn cash-strapped after such withdrawals,” said a banker.
Despite its troubles, officials said Vibor was still a solvent bank. Its deposits presently stand at around Rs 300 billion, whereas its loans and advances total Rs 2.30 billion. The bank has investments in about half a dozen assets-related projects.
“The health of the bank now depends on how fast it disposes of its assets and cuts expenses,” said NRB officials. The bank said it will recover in one-and-a-half months if everything goes well.
Thursday, June 9, 2011
Sinking Vibor Bank seeks mgmt by NRB
KATHMANDU, June 9: In yet another spate of financial turmoil, Vibor Bikas Bank (VBB) -- a national level development bank -- has become the latest financial institution to seek emergency management takeover by the central bank, Nepal Rastra Bank (NRB) to avert a looming financial meltdown.
A delegation of Nepal Bankers Association and Vibor Bank´s CEO Ajaya Ghimire formally approached two Deputy Governors of NRB Gopal Kafle and Maha Prasad Adhikari on Wednesday and requested for management takeover.
Refusing to take over the troubled bank, the NRB suggested to the members of the NBA to help Vibor by resuming stalled inter-bank lending.
The bankers refused to buy the idea. “The bank is seriously in crisis. Who will risk themselves by providing loans to it against land or house, which are not selling these days?” said a banker.
The bankers had left the NRB after the central bank officials assured them of taking concrete decision on Vibor on Thursday.
Earlier on Tuesday, the Vibor officials had approached the NBA, of which it is a member, requesting support for a bail out. During the emergency board meeting of NBA yesterday, central bank officials had suggested the association to take steps to rescue the bank.
However, bankers refused and argued that there was only one solution for Vibor: to ask the NRB to take over its management.
The trouble
Though the development bank has attributed its trouble to worsening liquidity crunch, sources closely watching the affairs in the bank said it has deeper problems related to corporate governance, mainly imprudent real estate investment decisions.
Officially, Vibor has blamed the crisis to withdrawal of deposits worth Rs 270 million by NRB and Rs 50 million by Nepal Army Welfare Fund about a week ago.
“Sudden siphoning out of Rs 320 million from the bank pushed it to an illiquid situation, whereby it now has no cash to pay money back to its depositors,” said an official at the bank.
But this is not all the trouble confronting the bank. It is facing problems in recovering loans, a major chunk of which has gone into the real estate business. “And it has no room for re-injecting liquidity through refinancing because it had taken 180 million from the central bank about 10 days ago,” said a member of Nepal Bankers Association (NBA).
The development bank was relying heavily on inter-bank lending to fulfill its obligations for the last one week. However, over the last few days, the banks too refused to lend to it, precipitating immediate crisis.
Latest financial situation
The latest financials of the bank shows that its deposits stand at Rs 3.57 billion as at mid-April 2011. Its loans and advances stand at Rs 2.30 billion.
Of the total loans, Vibor has Rs 522.44 million (about 23 percent of total loans) exposed in the real estate sector, including business complex and residential apartment loans (Rs 72.19 million), income generating commercial complex loan (Rs 109.95 million) and other real estate loan, including land purchase and plotting (Rs 235.67 million).
It has also issued Rs 839.96 million in overdraft, which officials said has largely gone to the real estate loans to avoid loan loss provisioning, something which could have squeezed its profits. In mid-April 2010, its overdraft loans was just Rs 383.95 million.
Despite such efforts, its provision for possible loan loss had doubled to Rs 101.95 million and the bank was operating with a net loss of Rs 88.44 million as of the end of the third quarter of this fiscal year. In the same period last year, the bank had announced that it earned a profit of Rs 129.56 million.
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=32155
A delegation of Nepal Bankers Association and Vibor Bank´s CEO Ajaya Ghimire formally approached two Deputy Governors of NRB Gopal Kafle and Maha Prasad Adhikari on Wednesday and requested for management takeover.
Refusing to take over the troubled bank, the NRB suggested to the members of the NBA to help Vibor by resuming stalled inter-bank lending.
The bankers refused to buy the idea. “The bank is seriously in crisis. Who will risk themselves by providing loans to it against land or house, which are not selling these days?” said a banker.
The bankers had left the NRB after the central bank officials assured them of taking concrete decision on Vibor on Thursday.
Earlier on Tuesday, the Vibor officials had approached the NBA, of which it is a member, requesting support for a bail out. During the emergency board meeting of NBA yesterday, central bank officials had suggested the association to take steps to rescue the bank.
However, bankers refused and argued that there was only one solution for Vibor: to ask the NRB to take over its management.
The trouble
Though the development bank has attributed its trouble to worsening liquidity crunch, sources closely watching the affairs in the bank said it has deeper problems related to corporate governance, mainly imprudent real estate investment decisions.
Officially, Vibor has blamed the crisis to withdrawal of deposits worth Rs 270 million by NRB and Rs 50 million by Nepal Army Welfare Fund about a week ago.
“Sudden siphoning out of Rs 320 million from the bank pushed it to an illiquid situation, whereby it now has no cash to pay money back to its depositors,” said an official at the bank.
But this is not all the trouble confronting the bank. It is facing problems in recovering loans, a major chunk of which has gone into the real estate business. “And it has no room for re-injecting liquidity through refinancing because it had taken 180 million from the central bank about 10 days ago,” said a member of Nepal Bankers Association (NBA).
The development bank was relying heavily on inter-bank lending to fulfill its obligations for the last one week. However, over the last few days, the banks too refused to lend to it, precipitating immediate crisis.
Latest financial situation
The latest financials of the bank shows that its deposits stand at Rs 3.57 billion as at mid-April 2011. Its loans and advances stand at Rs 2.30 billion.
Of the total loans, Vibor has Rs 522.44 million (about 23 percent of total loans) exposed in the real estate sector, including business complex and residential apartment loans (Rs 72.19 million), income generating commercial complex loan (Rs 109.95 million) and other real estate loan, including land purchase and plotting (Rs 235.67 million).
It has also issued Rs 839.96 million in overdraft, which officials said has largely gone to the real estate loans to avoid loan loss provisioning, something which could have squeezed its profits. In mid-April 2010, its overdraft loans was just Rs 383.95 million.
Despite such efforts, its provision for possible loan loss had doubled to Rs 101.95 million and the bank was operating with a net loss of Rs 88.44 million as of the end of the third quarter of this fiscal year. In the same period last year, the bank had announced that it earned a profit of Rs 129.56 million.
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=32155
Tuesday, June 7, 2011
Rift in CIAA delays Sudan scam case
KATHMANDU, June 7: A rift between Commission for Investigation of Abuse of Authority (CIAA) Secretary Bhagwati Kafle and two investigation officers has delayed bringing the Sudan scam case to the Special Court on Monday as planned.
CIAA officials had formally asked Special Court Registrar Dhir Bahadur Chand over the phone on Monday afternoon to wait till the last moment (of office hours) as they were filing case.
"CIAA spokesperson Ishwori Paudel phoned me to say they were filing case by Monday evening (before 5 PM)," said Chand, adding, "Paudel phoned again at 5 PM and said sorry for keeping me waiting."
The question arises why the anti-graft body could not file case at the Special Court even after informing in advance that it would do so? Was it due to inadequate time to prepare a charge sheet as claimed by CIAA officials or was it serious differences that obstructed them?
A source at the CIAA claims that the charge sheet is already ready. However, they are delaying the case due to serious differences between Secretary Kafle and investigation officers Dilli Raman Acharya and Ishowri Paudel over the names and numbers of those they want to indict.
"Secretary Kafle has been trying to indict nearly two dozen officials ranging from inspectors to former police chiefs," the source said, adding, "Kafle is so adamant that the two investigation officers are in a dilemma."
Filing of the case was further delayed Monday as a new dispute arose regarding the involvement of incumbent AIGs--Kalyan Timalsena and Arjun Jung Shahi.
According to the source, a document showing a slight involvement of the two AIGs in the decision making appeared abruptly at the commission Sunday evening from some ´unknown source´. Matters then took another turn, the source added.
The source at the anti-graft body claims Kafle is hell-bent on indicting the two AIGs also while the investigation officers argue that the AIGs were not responsible in the scam. "The two AIGs´ role was not crucial," the source quoted the two officers as telling Kafle.
The CIAA has been probing irregularities in the procuring of armored personnel carries (APCs) and other logistics for Nepali peacekeepers in Darfur, Sudan.
According to the source, the commission has already concluded that Rs 300 million, out of the Rs 440 million involved in the procurement deal, was embezzled.
Besides three former police chiefs ---Om Bikram Rana, Hem Bahadur Gurung and Ramesh Chand Thakuri and some other senior police officers, the anti-graft body has already decided to file case against Michael Rider, director of London-based Assured Risks company that supplied the APCs and other logistics, and Shambhu Bharati, local agent of the company.
CIAA officials had formally asked Special Court Registrar Dhir Bahadur Chand over the phone on Monday afternoon to wait till the last moment (of office hours) as they were filing case.
"CIAA spokesperson Ishwori Paudel phoned me to say they were filing case by Monday evening (before 5 PM)," said Chand, adding, "Paudel phoned again at 5 PM and said sorry for keeping me waiting."
The question arises why the anti-graft body could not file case at the Special Court even after informing in advance that it would do so? Was it due to inadequate time to prepare a charge sheet as claimed by CIAA officials or was it serious differences that obstructed them?
A source at the CIAA claims that the charge sheet is already ready. However, they are delaying the case due to serious differences between Secretary Kafle and investigation officers Dilli Raman Acharya and Ishowri Paudel over the names and numbers of those they want to indict.
"Secretary Kafle has been trying to indict nearly two dozen officials ranging from inspectors to former police chiefs," the source said, adding, "Kafle is so adamant that the two investigation officers are in a dilemma."
Filing of the case was further delayed Monday as a new dispute arose regarding the involvement of incumbent AIGs--Kalyan Timalsena and Arjun Jung Shahi.
According to the source, a document showing a slight involvement of the two AIGs in the decision making appeared abruptly at the commission Sunday evening from some ´unknown source´. Matters then took another turn, the source added.
The source at the anti-graft body claims Kafle is hell-bent on indicting the two AIGs also while the investigation officers argue that the AIGs were not responsible in the scam. "The two AIGs´ role was not crucial," the source quoted the two officers as telling Kafle.
The CIAA has been probing irregularities in the procuring of armored personnel carries (APCs) and other logistics for Nepali peacekeepers in Darfur, Sudan.
According to the source, the commission has already concluded that Rs 300 million, out of the Rs 440 million involved in the procurement deal, was embezzled.
Besides three former police chiefs ---Om Bikram Rana, Hem Bahadur Gurung and Ramesh Chand Thakuri and some other senior police officers, the anti-graft body has already decided to file case against Michael Rider, director of London-based Assured Risks company that supplied the APCs and other logistics, and Shambhu Bharati, local agent of the company.
People's Finance stops transaction
KATHMANDU, June 7: Bogged down by liquidity crisis, People´s Finance abruptly shut down its transactions on Monday, without informing even the regulatory authority -- Nepal Rastra Bank (NRB).
The company was reeling hard under cash crunch mainly after the central bank withdrew a portion of its fixed deposits (about Rs 70 million) at the company which matured in mid-May.
The company had repeatedly requested the central bank to renew the deposits. Apart from that, corporate depositors too have been pressing for the payment of their matured deposits.
“The company was facing problem to repay the depositors since last couple of weeks,” said an NRB official, adding, “As its executive chairman and board of directors too preferred to remain out of contact, the deputy chief executive and the management team decided to close transactions on the day.”
Despite repeated efforts, Republica could not contact Keshav Prasad Bhattarai, deputy chief executive of People´s Finance, as his cell phone was switched off. Nonetheless, NRB officials confirmed that Bhattarai approached NRB on Monday to inform the central bank about his company´s situation.
Although rumors were rife that executive chairman Chhabi Lal Bhusal is absconding, Bhattarai informed the central bank that he was on leave since two days to attend marriage of close relatives.
Officials of the Nepal Finance Companies Association - the umbrella organization of Category ´C´ finance companies - told Republica that Bhattarai had approached the central bank officials, seeking their advice, mainly after senior players in the sector suggested him to do so. “He agreed to consult with NRB after officials of the association cautioned him that sudden closure of the service without due information and approval of the central bank could hurt the company badly, eroding its credibility,” said a source.
The company closed its head office in Tripureshwar and a branch office in Bhairahawa, pasting a notice which said ´transactions have been stopped due to technical reasons´. The notice neither disclosed when it will resume transactions, nor explained the nature of the technical problem. This had left its clients in the lurch.
NRB officials said the company was excessively relying on institutional deposits to manage its sources of fund. “The trouble surfaced when institutional depositors preferred to withdraw their deposits,” the source elaborated. The central bank still has deposits worth Rs 100 million in the company.
Records show, the company´s deposits stands at about Rs 890 million, while its loans and advances stand at Rs 1.04 billion. Of the total credit, more than Rs 800 million has gone in real estate and housing.
NRB team to dig out facts
Nepal Rastra Bank (NRB) on Monday sent a team of monitoring staff to People´s Finance Ltd to take stock of its accounts and financial position.
"We have deputed a team to dig out facts about the company as it did not disclose details of its situation,” said NRB Spokesperson Bhaskar Gyawali.
Sources at NRB said the sudden closure of transactions by the company has raised doubts in the central bank as well. "Hopefully we will get the real picture when the team submits its report on Tuesday," said Gyawali.
The company was reeling hard under cash crunch mainly after the central bank withdrew a portion of its fixed deposits (about Rs 70 million) at the company which matured in mid-May.
The company had repeatedly requested the central bank to renew the deposits. Apart from that, corporate depositors too have been pressing for the payment of their matured deposits.
“The company was facing problem to repay the depositors since last couple of weeks,” said an NRB official, adding, “As its executive chairman and board of directors too preferred to remain out of contact, the deputy chief executive and the management team decided to close transactions on the day.”
Despite repeated efforts, Republica could not contact Keshav Prasad Bhattarai, deputy chief executive of People´s Finance, as his cell phone was switched off. Nonetheless, NRB officials confirmed that Bhattarai approached NRB on Monday to inform the central bank about his company´s situation.
Although rumors were rife that executive chairman Chhabi Lal Bhusal is absconding, Bhattarai informed the central bank that he was on leave since two days to attend marriage of close relatives.
Officials of the Nepal Finance Companies Association - the umbrella organization of Category ´C´ finance companies - told Republica that Bhattarai had approached the central bank officials, seeking their advice, mainly after senior players in the sector suggested him to do so. “He agreed to consult with NRB after officials of the association cautioned him that sudden closure of the service without due information and approval of the central bank could hurt the company badly, eroding its credibility,” said a source.
The company closed its head office in Tripureshwar and a branch office in Bhairahawa, pasting a notice which said ´transactions have been stopped due to technical reasons´. The notice neither disclosed when it will resume transactions, nor explained the nature of the technical problem. This had left its clients in the lurch.
NRB officials said the company was excessively relying on institutional deposits to manage its sources of fund. “The trouble surfaced when institutional depositors preferred to withdraw their deposits,” the source elaborated. The central bank still has deposits worth Rs 100 million in the company.
Records show, the company´s deposits stands at about Rs 890 million, while its loans and advances stand at Rs 1.04 billion. Of the total credit, more than Rs 800 million has gone in real estate and housing.
NRB team to dig out facts
Nepal Rastra Bank (NRB) on Monday sent a team of monitoring staff to People´s Finance Ltd to take stock of its accounts and financial position.
"We have deputed a team to dig out facts about the company as it did not disclose details of its situation,” said NRB Spokesperson Bhaskar Gyawali.
Sources at NRB said the sudden closure of transactions by the company has raised doubts in the central bank as well. "Hopefully we will get the real picture when the team submits its report on Tuesday," said Gyawali.
Monday, June 6, 2011
´Insurance‚ permit a must´
HIMALAYAN NEWS SERVICE
KATHMANDU: The government has made insurance and work permit mandatory for migrant workers, who extended their jobs overseas.
“Every migrant worker should get a new insurance policy and job permission to continue overseas job,” director general of Department of Foreign Employment Chandra Man Shrestha said.
Earlier, the provisions of Foreign Employment Regulation were applied to new overseas workers only. Ministry of Labour and Transport Management changed the provisions last week to provide insurance and other government benefits to all migrant workers.
http://www.thehimalayantimes.com/fullNews.php?headline=%26acute%3BInsurance%26sbquo%3B++permit+a+must%26acute%3B&NewsID=290701
KATHMANDU: The government has made insurance and work permit mandatory for migrant workers, who extended their jobs overseas.
“Every migrant worker should get a new insurance policy and job permission to continue overseas job,” director general of Department of Foreign Employment Chandra Man Shrestha said.
Earlier, the provisions of Foreign Employment Regulation were applied to new overseas workers only. Ministry of Labour and Transport Management changed the provisions last week to provide insurance and other government benefits to all migrant workers.
http://www.thehimalayantimes.com/fullNews.php?headline=%26acute%3BInsurance%26sbquo%3B++permit+a+must%26acute%3B&NewsID=290701
Singha Durbar to be plastic-free zone
HIMALAYAN NEWS SERVICE
WORLD ENVIRONMENT DAY
KATHMANDU: The government has decided to make Singha Durbar — the administrative headquarters — a plastic-free zone.
Prime Minister Jhala Nath Khanal today directed authorities to implement the plastic-free-zone concept from tomorrow itself.
“From tomorrow onwards, plastic bags of less than 20 micron will be prohibited on Singha Durbar premises. The government will extend the drive across the country,” said PM Khanal.
Plastic bags less than 20 micron thickness are non-reusable.
Khanal also directed authorities to launch a special programme to increase greenery in the Valley. The prime minister, who spent almost the entire day at different programmes in Kathmandu to mark World Environment Day -2011 today, made some other environment protection commitments.
Speaking at a science students’ conference, Khanal urged all students to do their bit to save the environment.
Minister for Forests and Soil Conservation Bhanubhakta Joshi hailed the PM directive for launching the greenery programme.
“We will move further to implement the concept and submit a proposal to the cabinet soon,” said Joshi.
“Twenty years ago, when I was minister for forests and environment, we promoted community forestry. The bid has now proved one of the best conservation examples. Now, we must promote private forestry and encourage each family to plant trees around their houses,” Khanal said.
Meanwhile, marking the day, the Ministry of Environment honoured individuals and organisations working in the environment sector.
Abdullah Miya of Radio Sagarmatha, Gopimaya Gurung of Choyatar Community Forest User’s Group and Khop Narayan Shrestha of Manahari Development Institute were honoured in recognition of their contribution to the environment.
Likewise, Thaneshwor Dhungana, organic vegetable farmer from Pokhara, and Khadananda Acharya, an exemplary waste management initiator from Parbat were also honoured.
Also in the honour list was Eco Friends Nepal, an NGO that organised tree plantation at Indreni Community Forest in Tokha marking the day. Another NGO Small Earth Nepal also organised a students meet on climate change
WORLD ENVIRONMENT DAY
KATHMANDU: The government has decided to make Singha Durbar — the administrative headquarters — a plastic-free zone.
Prime Minister Jhala Nath Khanal today directed authorities to implement the plastic-free-zone concept from tomorrow itself.
“From tomorrow onwards, plastic bags of less than 20 micron will be prohibited on Singha Durbar premises. The government will extend the drive across the country,” said PM Khanal.
Plastic bags less than 20 micron thickness are non-reusable.
Khanal also directed authorities to launch a special programme to increase greenery in the Valley. The prime minister, who spent almost the entire day at different programmes in Kathmandu to mark World Environment Day -2011 today, made some other environment protection commitments.
Speaking at a science students’ conference, Khanal urged all students to do their bit to save the environment.
Minister for Forests and Soil Conservation Bhanubhakta Joshi hailed the PM directive for launching the greenery programme.
“We will move further to implement the concept and submit a proposal to the cabinet soon,” said Joshi.
“Twenty years ago, when I was minister for forests and environment, we promoted community forestry. The bid has now proved one of the best conservation examples. Now, we must promote private forestry and encourage each family to plant trees around their houses,” Khanal said.
Meanwhile, marking the day, the Ministry of Environment honoured individuals and organisations working in the environment sector.
Abdullah Miya of Radio Sagarmatha, Gopimaya Gurung of Choyatar Community Forest User’s Group and Khop Narayan Shrestha of Manahari Development Institute were honoured in recognition of their contribution to the environment.
Likewise, Thaneshwor Dhungana, organic vegetable farmer from Pokhara, and Khadananda Acharya, an exemplary waste management initiator from Parbat were also honoured.
Also in the honour list was Eco Friends Nepal, an NGO that organised tree plantation at Indreni Community Forest in Tokha marking the day. Another NGO Small Earth Nepal also organised a students meet on climate change
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