Private Sector Confidence Shaken By Government Crackdown In Nepal
▸ Part of: Nepal Rastra Bank Signals Stable Monetary Policy Amidst External Risks and Internal ChallengesThe arrest of Jyoti Prakash Pandey, CEO of Nepal Investment Mega Bank, on fraud allegations related to Smart Telecom's mortgage auction has sparked concern across Nepal's private sector, which views it as excessive state interference. NIMB asserts its actions complied with the Bank and Financial Institution Act, 2017, having sold assets worth Rs 4.6 billion to settle a loan. However, the CIB is investigating potential irregularities with government-controlled assets, widening a trust deficit between the state and private sector amid ongoing crackdowns on business figures.
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Rastriya Swatantra Party
Federation of Nepalese Chambers of Commerce and Industry
Nepal Microfinance Bankers Association
Central Investigation Bureau
Nepal Financial Institutions Association
Confederation of Nepalese Industries
Bank and Financial Institutions Act 2073
Bankers Association of Nepal
Nepal Investment Mega Bank
Development Bankers Association Nepal
Jyoti Prakash Pandey
Smart Telecom
Nepal Chamber of Commerce
Ram Kumari Jhakri
Federation of Contractors’ Association of Nepal
