Panel to ask police to nab promoters
KATHMANDU, FEB 05 -
A high-level commission formed to investigate troubled cooperatives has said it will take police help to arrest promoters and directors of troubled cooperatives if they continue to ignore the commission ’s summons.
The commission said promoters of only 16 out of 70 troubled cooperatives have so far appeared before it for explanation. The commission had asked them to explain their status. “We will soon write to the police to initiate action if they ignore our notice,” said Gauri Bahadur Karki, coordinator of the commission .
Cooperatives whose promoters appeared before the commission are Oriental, Guna, Pacific, Corona, Subha Shree, Nawa Rajdhani, Sahayata, Standard, Renoun, Deep Shikha, Area, Pushpanjali, Charter, Rupantaran, Consumer (subsidiary of Oriental) and Parimal.
So far, the commission has received 13,000 complaints against 70 cooperatives which have an estimated Rs 8 billion in public deposits, according to the commission .
The last month saw complaints against seven cooperatives, including Vegas Saving and Credit, Him Shikhar, Shiva Bodeshwor Saving and Credit and Ichchhya Saving and Credit from Kathmandu and Krish Multipurpose, Rupaantar Multipurpose and Kalyan Saving and Credit from Lalitpur.
“The deposit figure could be much more as many depositors are yet to come in the commission ’s contact,” said Sushil Ram Mathema, a member of the commission .
The commission on Tuesday started assessment of the complaints, which it plans to end within the next 10 days. After the study, it plans to investigate the financial status of the cooperatives and find out whether they are in a position to pay back the depositors’ money. “We have hired a consultant for statistical procedures,” said Karki.
Recently, the commission conducted due diligence audit of four of the troubled cooperatives, including Sahayata, Renoun, Standard and Shuva Shree. According to the commission , the audit showed some of them have liabilities up to Rs 800 million.
Source: The Kathmandu Post
