Probe into troubled cooperatives :Liabilities of co-ops could top Rs 10b
KATHMANDU, FEB 27 -
The total liabilities of troubled cooperatives under investigation are likely to cross Rs 10 billion. A high-level commission formed by the Ministry of Cooperatives and Poverty Alleviation to probe the operations and possible irregularities said the estimate was based on a preliminary assessment of the complaints received against the co-ops.
According to the commission, it has processed 9,070 out of the 13,000 complaints. Commission member Sushil Ram Mathema said the total liabilities of the cooperatives examined so far amounted to Rs 5.67 billion. “We have planned to complete the assessment of these cooperatives next week,” he added.
Meanwhile, the commission said it had collected complaints against 82 cooperatives. Mathema said they had received complaints against another 12 cooperatives since they started their investigation.
The new cooperatives are Crystal Multipurpose, Sweschhik Samaj Savings and Credit, Chandani Multipurpose, Classic Finance, Hero Multipurpose, Shanti Bhumi Savings and Credit and Bhavishya Savings and Credit. Similarly, Shinning Star Savings and Credit, Times Savings and Credit, Dukcheshwori Savings and Credit, Hatemalo Savings and Credit, Charumati Savings and Credit are being scrutinized.
Mathema said they would be writing to these companies to show up with their balance sheets, ledgers and plan to clear their debts.
The commission is presently questioning the operators of 31 cooperatives. It has asked the Central Investigation Bureau to arrest the operators of the remaining cooperatives that have failed to be present as directed.
Mathema added that most of the operators had a plan to pay back their depositors. According to him, Sudhir Basnet of Oriental Cooperatives had recently made an agreement with the buyers of apartments at Kohinoor Hill Housing at Naxal, Kathmandu to collect Rs 9.2 million to complete construction. “As per the agreement, the customers will pay the money directly to the building contractors.”
According to Mathema, they are planning to form a sub-committee to monitor the progress of the construction project. He added that the receipts collected from the customers after the project is completed will be distributed to the depositors through the bank accounts of the commission.
Meanwhile, the government has extended the tenure of the commission by three months. It started work on Nov 22.
It has been mandated to make the troubled cooperatives pay back the depositors’ money and hand over the apartments in the housing projects undertaken by them to the concerned customers.
Source: The Kathmandu Post
