Oriental Cooperatives victims threaten to protest

Victims of Oriental Cooperatives have threatened to take strong action if the cooperative fails to return their deposits. The cooperative, which collapsed four months back, had collected deposits worth Rs four billion from over 7,000 depositors.

The government must take strong measures to return the deposits, said coordinator of Depositors' Rights Protection Committee Lokeshwor Ranjit. "We will not accept only Rs 10,000 and will take to the streets," he said, adding that the government is planning to return just Rs 10,000 to each depositor. If the problem is not solved people will lose faith in the cooperative sector, he added.

Sub-coordinator of the committee Amuda Shrestha said that the government must take responsibility of the deposits. "Sudhir Basnet and his allies are working behind the scenes to digest the deposit," she blamed, adding that Oriental has contributed about Rs 30 million every year but why is the government ignoring the issue.

Victims urged the government to take strong legal action against Basnet. They questioned on why he was still not in custody. "Deposits of well-known people are also at risk," said Ranjit.

Depositors urged the president, prime minister, finance minister, Nepal Rastra Bank, and Department of Cooperatives to return their deposits through the sale of Basnet's property, his business and from his associates.