Tuesday, September 18, 2012

CIB blacklists NB Group MD Laxmi Bahadur Shrestha

Credit Information Bureau (CIB) has blacklisted managing director of NB Group Laxmi Bahadur Shrestha for not paying Narayangarh-based Shubhechchha Bikas Bank’s loan.
Shrestha issued a check of an account that did not have sufficient balance in the account and the cheque was bounced.
Once a person is blacklisted, he/she will be ineligible to be in any banks and finance company’s board member. Similarly, if a person is fined by the regulator, he/she is also ineligible to be in the banks and financial institutions board or insurance company. 
After the blacklisting, Shrestha will also have to resign from the board of NB Insurance, according to the Insurance Board’s regulation.
The central bank and the Insurance Board, both, regulations bar the blacklisted person or the firm to hold any position in the banks and financial institutions, and insurance company’s board.
Shrestha was also fined earlier Rs 500,000 for misappropriating fund of the Nepal Bangladesh Bank’s (NBB), where he was one of the board members. Following the fine, he has resigned from the bank’s board of director.
The NB Group that promotes NCC Bank and National Hydropower apart from Nepal Bangladesh Bank has been in news for all the wrong reasons lately.
Nepal Rastra Bank (NRB) has recently also identified Shrestha as one of the promoters involved in embezzlement of over Rs 1 billion from Nepal Bangladesh Bank´s coffer.
Similarly, the NB Group promoted National Hydropower has also not been able to hold its annual general meeting since last three fiscal years and the board members are divided into two groups, one group is for holding AGM whereas the other group led by Shresthaais against the AGM. However, Shrestha is no more in the National Hydro board as he has already ben blacklisting.


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