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Nepal's biggest bank defrauded of billions of rupees |
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September 9, 2000
KATMANDU, (AP) - Nepal's oldest and largest commercial bank has been cheated of billions of rupees by business people, many of whom are being shielded by politicians, the bank's top official said on Friday. The defaulters owe 8 billion rupees (dlrs 110 million) in loans and another 9.67 billion rupees (dlrs 135 million) in interest since 1965, Nepal Banijya Bank Executive Chairman Punya Prasad Dahal said. Unable to punish the defaulters, the bank has sought government help to recover its money. The bank has registered 165 cases against the defaulters. But the courts in Nepal are notorious for delays. Dahal also said the defaulters have been helped by corrupt bank officials. The Public Accounts Committee, a watchdog body set up by Parliament, has begun investigating allegations that corrupt bank officials make inflated evaluations and grant huge loans against collateral that is worth a fraction in value. The committee is expected to make recommendations within two months to save the bank from bankruptcy. |