Kathmandu. The Securities Board of Nepal had convened a meeting of the Board of Directors on Wednesday with a single agenda to issue licenses to the new stock exchange. At 5:00 pm, a complaint was lodged with the Commission for the Investigation of Abuse of Authority (CIAA) alleging corruption in the licensing process of the new stock exchange.
On Thursday, the CIAA filed a corruption case against 93 people, including former Prime Minister Madhav Kumar Nepal, at the Special Court. On May 12, the CIAA reached the Securities Board and raised the file related to the IPO issue. The leadership of Independent Power Producers Association of Nepal (IPPAN) met CIAA Chief Prem Rai in Tangal and lodged a complaint with evidence that middlemen had demanded up to 7 percent commission for permission to issue IPO in the name of board chairman.
After the IPPAN leadership lodged a complaint with evidence, the CIAA raided the board and took the documents and carried out a thorough study.
There was widespread protest when the Board of Directors convened a meeting to give license to the new stock while the CIAA was investigating.
In the meantime, another complaint was filed with the CIAA on Thursday, making the situation more complicated.
What is it? On a complaint with authority?
A complaint was lodged with the CIAA in the name of Rabi Adhikari on Thursday. According to the complaint filed on c-073059, the state will suffer a loss of more than Rs 27.5 billion immediately by issuing the license of the new stock exchange.
The complainant has demanded an inquiry and action against Securities Board Chairman Santosh Narayan Shrestha, Joint Secretaries Mahesh Baral and Binod Kumar Bhattarai, who are members of the Board of Directors from the Ministry of Finance and The Ministry of Law, and Executive Director Rewati Nepal, who is a member of the Board of Directors on behalf of Nepal Rastra Bank. The complainant said that the subject of the complaint is to investigate and take action against those who are trying to proceed with the licensing process of the new stock exchange in a loss of more than Rs 27 billion to the state. “He said.
Complainant Adhikari has also argued that strict action should be taken against those who work in such a way that the state itself is harmed by taking salary and allowances from the state fund. “I demand necessary investigation and action against Board Chairman Shrestha, Joint Secretary at the Ministry of Finance Mahesh Baral, Joint Secretary at the Ministry of Law Binod Kumar Bhattarai and Executive Director of Nepal Rastra Bank Rewati Nepal. I also expect action to be taken against those involved in activities that cause billions of losses to the state for the benefit of middlemen by taking salary and allowances from the state treasury. ” the complainant said.
According to the complainants, the Finance Ministry has 58.66 per cent stake in the Nepal Stock Exchange (NEPSE) and 9.51 per cent in the Nepal Rastra Bank( NRB). “They have not only misused the authority but are also causing billions of losses to the state exchequer by launching a campaign to give licenses to the new stock exchanges which are detrimental to the interests of their own organisations. ’
Stating that the Economic Reform Suggestion Commission had said that nepse would be restructured in the budget for the next fiscal year, but the board’s board of directors was trying to give license to the new stock, he demanded an investigation against ICAN representative Nilsaru Magar, expert director Bhola Dhungana and Federation of Nepalese Chambers of Commerce and Industry representative Gokarna Awasthi. It has also demanded an inquiry against some high-ranking officials of the board. “I also feel it is necessary to take action against the directors Gokarna Awasthi, Nil Saru Magar and Bhola Dhungana who failed to play a concrete role in protecting the state’s assets by sitting on the board of directors of the Securities Board. I also request you to conduct necessary investigation and take action against the high-ranking officials of the Securities Board involved in the license distribution process of the new stock exchange. “,” the complaint said.
प्रतिक्रिया दिनुहोस्