Kathmandu. Banks that email to hide files of non-performing loans by deceiving the Rastra Bank to show more profits, banks that promote their people by making strange rules, banks that employ employees’ wives when their employees die, and the banks led by Ram Chandra Khanal, who have been declared ‘incompetent’ by a Supreme Court verdict. Yes, Kumari Bank, which has been earning notoriety in recent times, has been dragged into another controversy. Another case of the bank came to light after Yuvraj Safal himself approached the Commission for Investigation of Abuse of Authority (CIAA) regarding the bank’s loan of $ 10 million.
What is the case? Why was the bank dragged into the controversy?
Kumari Bank had signed a loan agreement of 10 million US dollars with an organization named “EMF Microfinance Fund, AGmvK” based in Liechtenstein on July 10, 2080. The loan, which was meant to invest in the SME sector belonging to disadvantaged groups and women entrepreneurs, was repaid within a year, i.e., in July 2024.
However, Safal claimed that the process of bringing and repaying the loan was suspicious. Two issues have been raised in particular with regard to this loan.
First, what was the real need and commercial justification for taking the loan when Nepal had high liquidity and low interest rates?TAG_OPEN_div_33
Second, there is not enough public information available about the structure, beneficiary ownership, and investment sources of the lending institution. Is it illegal money that has not been disclosed in the name of this loan entered Nepal? Or was there no attempt to convert black money into white in the name of foreign loans? This question has been raised. And he has demanded an impartial investigation into the same details.
At a time when there is more liquidity and cheap interest rates in Nepal, there are voices as to why the loan was taken from abroad for one year, and it is claimed that the money has been returned within a year, the question has also been raised about in which sector, person or institution the money was invested. Did the borrower repay the loan in 1 year? Wasn’t there any money in such a large amount? Many more doubts have arisen.
} It is also doubtful whether they actually got the loans brought in the name of the poor class, women entrepreneurs and small and medium enterprises. The poor took the loan, and all of them repaid it in exactly 1 year, and it is doubtful that everything was done clearly in the process. Yuvraj has demanded that either it should be given details or it should be investigated.
Poudel has demanded an independent investigation into the matter. Kumari Bank has been embroiled in various illegal activities in recent times. The question has been raised: “Is there a situation where it can be said that the 10 million dollars that came to the bank that issued the decree to hide the file for the NRB to see were used for the poor class and the loan was repaid on time?” It remains to be seen what will happen in this case.
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