The NB Group promoted Nepal
Bangladesh Bank (NBB) has today published a 35-day notice today asking 11 borrowers —
including the NB Group chairman Jit Bahadur Shrestha, director Laxmi Bahadur
Shrestha, managing director Jen Shrestha, Jush Shrestha and Gita Shrestha — to
pay back their loans that have shares and assets belonging to NB Group’s
subsidiaries like Nepal Bangladesh Bank, NCC Bank, Siddhi Ganesh Investment,
Shangrila Investment, NB Investment, and National Hydropower.
These loans were allegedly borrowed by friends and family of the group. Two of the defaulters — Jush Shrestha and Gita Shrestha, the son and sister-in-law, respectively, of the group’s chairman Jit Bahadur Shrestha — have been called by Nepal Bangladesh Bank to pay their outstanding principal and interest to the bank within 35 days.
NB Group promoted NB
Insurance has just come out of suspension induced by the Insurance Board, after
the company was found to be engaged in a series of misappropriation of funds by
the company’s executive board. These loans were allegedly borrowed by friends and family of the group. Two of the defaulters — Jush Shrestha and Gita Shrestha, the son and sister-in-law, respectively, of the group’s chairman Jit Bahadur Shrestha — have been called by Nepal Bangladesh Bank to pay their outstanding principal and interest to the bank within 35 days.
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