Insurance
Board led team is handing over the management of Everest Insurance after holding
election of board of directors on February 13.
The
insurance market regulator – for the first time – had earlier taken over the management
of Everest Insurance in October after dissolving the board and suspending the
then chief executive Kebal Krishna Shrestha, after repeatedly failing to abide
by the regulator's directives.
Meanwhile, some of the old directors of the board are filing the candidacy for the new board election that is slated for February 13. One of the
board members in the suspended board Niranjan Kumar Tibrewala is also fielding
his candidacy for the election on Thursday.
Likewise, Ravi
Kumar Tibrewala, Purushottam Raj Bhattarai, Hindu Sanskriti Karki, Rajan Kumar
Paudel, Surendra Kumar Silwal, Sashi Agrawal, Pawan Kumar Shanghai, Rashmi
Holding and Sunglow Investment are eying the post of board directors.
Earlier, the
Board in October had sent a three-member team led by Chartered Accountant
Santosh Prasai – including the Board's deputy director Kundan Sapkota and
assistant director Om Bahadur Adhikari – to manage the insurance company.
In December,
the Board team resumed the insurance business.
The non-life
insurance company got into trouble after its management, according to the
Insurance Board, paid a claim worth Rs 40 million to Himalayan Snax – the manufacturer
of Mayos noodles – without receiving the final report from the surveyor. The Board
first slapped fine and stopped it from issuing fire insurance. Contesting the
Board's claim that it paid the claim without receiving final report from the
surveyor, Everest Insurance shut down its entire business.
The tussles, according to the market insider, between chief executive
Shrestha and Insurance Board executive director Binod Aryal, since long has
over-spilled and took a nasty turn after Aryal was found to have submitted fake
certificates while being appointed the Board's executive director. Aryal –
bringing much shame to the regulator – had also been running his parallel
business that had conflict of interest and was against the norms of good
governance in the regulator.
The Board sacked Aryal after
finding his involvement in business having conflict of interest but it has
raised serious question on the Board's professional image.
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