Exim Co-operative directors on the run

KATHMANDU, DEC 07 -

Most of the directors of the troubled Exim Cooperative have run away, while Vice-chairman Komal Kumar Shrestha went out of contact from Tuesday morning.

Chairman Ram Prasad Hada, board member and Sunita Shrestha, wife of the vice-chairman, and another member Rajesh Hada are already out of contact.

According to Exim depositors, Vice-chairman Shrestha, who had promised to pay the deposits, was in constant touch until Wednesday evening and was in his home in Thapathali, Kathmandu, where the Exim’s office is also located.

But on the Thursday morning, the depositors found Shrestha’s house padlocked. Even Exim employees were not at the office. Exim’s manager Arun Man Shrestha has been admitted to hospital.

According to the police, vice-chairman Shrestha, who was arrested a few months ago, was released after he signed an agreement with depositors to pay back their deposits. “We have received complaints that he has run away and we are searching his whereabouts,” said Dhiraj Pratap Singh, Deputy Superintendent of Police at Metropolitan Police Range Hanumandhoka.

According to Singh, the Division Cooperative Office Kathmandu has written to the police to arrest Exim’s directors. Around 1,700 Exim depositors have not been able to withdraw their money for the last year. The cooperative has deposits worth Rs 470 million, according to the depositors.

Source: The Kathmandu Post