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CIB arrests 13 staffs of NCC bank for financial irregularities

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KATHMANDU — Central Investigation Bureau (CIB) of Nepal Police has raided Nepal Credit and Commerce (NCC) Bank on Friday and arrested 13 staffers including the board members for their alleged involvement in financial irregularities.

CIB has arrested NCC’s board members Bishnu Rijal, Dittha Bahadur Tamang and Durga Dutta Joshi among other 10 people for misappropriating Rs 1.56 billion, according to CIB Chief DIGP Pushkar Karki.

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They were arrested for further investigation after Nepal Rastra Bank complained about financial embezzlement,according to sources.

Concluding that around Rs 2 billion was embezzled, Nepal Rastra Bank asked the Bureau to look into the case. The Central Bank has accused the NCC Bank’s board members of disbursing loans by exceeding the value of collateral.

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Nepal, China to establish mechanism on Chinese-aid projects; expedite feasibility study and DPR on rail link

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KATHMANDU — Nepal and China have agreed on establishing mechanism on Chinese aid projects in Nepal for the implementation of various key agreements including a cross-country railway link which were reached with China during K P Sharma Oli’s previous stint as prime minister.

At a bilateral meeting held in Beijing on Wednesday, Minister for Foreign Affairs Pradeep Kumar Gyawali held discussions with his Chinese counterpart Wang Yi about the early conduct of a feasibility study and preparation of the Detailed Project Report (DPR) for the Nepal-China Cross Border Railway line.

Minister Gyawali, addressing a joint press conference held after the bilateral meeting, said they held a comprehensive review of the progress made in implementing various other agreements reached during recent high-level visits including the visit of Prime Minister Oli to China in March 2016.

During the meeting held at Diaoyutai State Guesthouse, the duo discussed bilateral relations and among other issues of mutual cooperation between Nepal-China.

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Foreign Minister Gyawali said they exchanged views on the draft protocol for the transit and transport agreement and agreed to step up negotiations for its early finalization.

The two foreign ministers also held discussions about implementation of the Memorandum of Cooperation (MoU) under the Belt and Road Initiative.

“Nepal has expectations that the Initiative should contribute to the development of physical infrastructure, enhancing of cross-border connectivity including by rail and road, promotion of trade, tourism and investment, and people to people relations,” Gyawali further said.

On the occasion, Chinese Foreign Minister and State Councilor Wang said China-Nepal-India, the three neighbouring countries, are natural allies connected by rivers and mountains.

Wang further said they agreed to continue deepening mutually beneficial cooperation between China and Nepal. “China will give full support and China will continue to encourage Chinese businesses to invest in Nepal in light of need on the ground to contribute to local development,” Wang said.

Saying that China and India are the neighbours of Nepal, the Chinese Minister said the two countries should support Nepal in its development works.

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Talking about Nepal’s vision of multidimensional cross-Himalaya connectivity network, Wang said as China-Nepal have signed BRI cooperation, the connectivity network falls under the part of BRI cooperation. He said BRI further covers links to ports, railways, highways, aviation, electricity and communications.

Moreover, Wang said Nepal could take advantage from cooperation and development of China and India.

On the occasion, Gyawali thanked Chinese Foreign Minister Wang for China’s support for reconstruction projects including the Araniko Highway Repair Project and cross-border bridges at Tatopani and Rasuwagadhi.

Earlier, Minister Gyawali has called on Vice-President of China, Wang Qishan at Zhongnanhai on Wednesday morning.

A press release issued by Nepali Embassy in Beijing mentioned that Foreign Minister Gyawali conveyed the greetings and best wishes of Prime Minister KP Sharma Oli and said that Nepal appreciates President Xi Jinping’s vision of ‘building a community of shared future for humanity,’ and supports China’s thrust on enhancing cooperation among nations under the Belt and Road Initiative.

Highlighting the fact that Nepal and China have been enjoying excellent relations based on friendship and good neighborliness since ancient times, Vice-President Qishan stressed on fully tapping the potentials of bilateral relations between the two countries.

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