Global IME, Janata Bank ink MoU for merger

Two commercial banks – Global IME Bank and Janata Bank Nepal – today decided to merge supporting the central bank’s move for a ‘big’ merger, and also to become the largest bank in the country in terms of capital size.
Global IME Bank and Janata Bank Nepal signed a memorandum of understanding (MoU) today, informed chairman of Global IME Bank Chandra Prasad Dhakal, after the signing ceremony. “We have decided to enter into a merger looking into central bank’s plan,” he said, adding that the new bank will retain the name ‘Global IME’.
The MoU was signed by Dhakal and chairman of the Janata Bank Keshav Rayamajhi, on behalf of their respective banks. They have agreed to name chief executive of Janata Bank Parshuram Kunwar Chhetry as the chief executive of merged entity and Global IME’s acting chief executive Mahesh Dhakal will be his deputy. “The share swap ratio has been set at 1:0.85,” Dhakal added. It means that investors holding 100 unit shares of Janata Bank Nepal will receive 85 unit shares of Global IME post merger. “However, the final swap ratio will be determined after the due diligence audit (DDA) report is finalized,” he said, adding that the management teams of both the banks will finalise all the necessary procedures within four months. ““We will now seek the letter of intent from the Nepal Rastra Bank for the merger, while a committee will work on the DDA simultaneously.”
According to the third quarter report of the current fiscal year 2018-19, the paid-up capital of Global IME and Janata Bank Nepal stands at Rs 10.31 billion and Rs 8.08 billion, respectively. Likewise, the reserves and surplus of Global IME Bank and Janata Bank Nepal stand at Rs 5.12 billion and Rs 1.75 billion, respectively. The joint entity – post merger – will have Rs 18.39 billion paid-up capital. “Likewise, Global IME’s net profit stands at Rs 1.87 billion and Janata Bank’s net profit stands at Rs 1.02 billion.”
 According to the MoU, the board of the joint entity will comprise of five directors from Global IME Bank and two from Janata Bank Nepal.
This will be the second merger for the Global IME Bank at the commercial bank level. Global IME Bank has already completed merger with the then Commerz and Trust Bank, apart from two development banks and two finance companies, and has acquired two development banks.
After the merger, the merged entity could post around Rs 5 billion net profit in the next fiscal year. However, the EPS wil stand at Rs 25.43, and the shareholders of both the banks shareholders will benefit from the proposed merger. 

Second International Entrepreneurship Conclave ends

Indian Embassy in Kathmandu and Clock b Business Innovations successfully completed the second edition of Connect (IN) - International Entrepreneurship Conclave today.
Inaugurating the conclave, Indian Ambassador to Nepal Manjeev Singh Puri emphasised on the young entrepreneur’s energy. "In this era of globalisation the conference like this will play pivotal role to make platform for young entrepreneur to make connection between entrepreneurship ecosystem now and in the days to come," he said, adding that Nepalese youth are not only able to work in abroad but are also equally capable of investing in different sector such as education technology and hospitality sector and can generate employment opportunity and contribute for the development process of overall nations.
The conclave with a theme ‘To connect the great entrepreneurial minds of Nepal and India’ has helped build market connections between startups, entrepreneurs, investors, marketers, lawyers, auditors, government, universities and colleges, mentors, advisors, corporate leaders, incubators and accelerators, development partners, and business enthusiasts, according to the organisers. The conclave also aimed at aiding collaborative discussion and learning.
At second edition of Connect (IN), the young entrepreneurs got an opportunity to connect with investors, venture capitalists and mentors, discussed with the entrepreneurial ecosystem actors, learnt from the prominent entrepreneurial journeys and network with fellow entrepreneurs from India and Nepal.
One of the core objectives of second edition of Connect (IN) initiative was to scout startups, provide them with training and mentorship in the Incubation programme, and finally take the most promising startups to the finale. The organisers, on the occasion, also hosted series of college and youth-level promotional activities and Ideation workshops in various cities to look for the entrepreneurial enthusiasts.
After yearlong social media campaign, outreach activities that reach up to more than one million and partnerships, hundreds of applications were received. After screening these ideas, top 21 ideas were selected for 7 days 'Startup Incubation Programme.' Then, these 21 Startups went through Idea Auditions and finally 6 most promising ideas were selected for the Finale to Pitch their ideas in front of investors, media and entrepreneurs from Nepal and India. The top 6 ideas, who appeared in the finale are Airlift, Swadeshi Innovations, Maker Valley, Unschool, Offering Happiness, and Walkman.
Founder of You First Ventures &TransAsia Ventures Vikrant Gugnani, chief executive for India and South Asia at the OYO Hotels & Homes Aditya Ghosh, co-founder and managing director of IME Group Hem Raj Dhakal, chief executive of Prisma Advertising Ranjit Acharya, president at King’s College Narottam Aryal, editor of Karobar National Economic Daily Kuber Chalise, chief executive of Sushmit Group Sushil Pokharel, second secretary at the Indian Embassy in Kathmandu Kapidhwaja Pratap Singh, Venture Philanthropist and Social Entrepreneur Varun Saraf were few of the speakers at the conclave.
The chief guest for the conclave, chief advisior to the prime minister KP Sharma Oil Bishnu Rimal, on the occasion, said that youth are the engine of the nation. He also stated that for development process an enthusiasm is must and only the youth are enthusiastic by the nature for the great new idea and innovations that can be helpful for development process.
On 24th March 2018, Indian Embassy in Kathmandu and Clock b had successfully hosted its first edition, which brought together over 400 Nepali and Indian startups, entrepreneurs, investors, venture capitalists, aspiring youths, experts, high ranking Nepali and Indian government officials and representatives from media that provided a common platform for the exchange of innovative ideas between the entrepreneurial communities of the two countries.

Dhakal, Bajgain deny report on unlawful deposits in foreign land

At least four individuals – out of some 55 Nepalis, who are said to be investing in offshore companies and bringing in foreign direct investment (FDI) into Nepal from tax havens – have defended themselves by saying that they have not any unlawful activities.
Chairman of IME Group of Companies Chandra Prasad Dhakal – organising a press meet – defended that the report of Centre for Investigative Journalism-Nepal (CIJ-Nepal) is misleading as he has been running the remittance business according to the law of the land. 
He owns International Money Express (IME) UK Ltd – a British company – which according to him has been under operations after the central bank's approval to open the office in London to bring the remittance into Nepal through banking channel. “It was established to bring in remittance from the UK and other EU countries,” he said.
"I have opened a company in the UK, complying with all applicable laws of the country," Dhakal said, adding that he had taken the approval of central bank to open a company in 2002 in order to bring remittances to Nepal from the UK. "There was no violation of any law of the country."
If opening a company to bring remittances through formal channels is a crime, I have nothing to say, he added. "Otherwise, bringing up my name suddenly and lumping it with others including those with deposits in Swiss banks is unfair.
The report reads that Dhakal purchased the Sunbrid Compter Consultant Ltd, which was later rechristened IME UK Ltd.
"We have neither established companies in tax haven countries nor have we brought foreign direct investment from such countries," Dhakal said, adding that neither he nor his companies has any account in the Swiss bank. "IME UK Ltd was established after obtaining approval from Nepal Rastra Bank."
Likewise, Rajendra Bajgain – a central committee member of the Nepali Congress and a tourism entrepreneur – whose name has appeared in the list of Nepalis with investments abroad has also taken exception to allegations made against him. He is also alleged that he had brought foreign direct investment (FDI) from the British Virgin Islands.
Bajgain said that he has not flouted Nepali laws to bring FDI into the country. But the report of CIJ-Nepal released yesterday claimed that Bajgain channelised Rs 1.755 billion into the country from the British Virgin Islands thorough Silver Heritage Group, a Hong Kong-based company.
Likewise, sugar mill operator Shashikanta Agrawal and businessman Arun Kumar Chaudhary have also objected to the CIJ-Nepal report and denied that they have violated any law of the land.
Dismissing the report, all four of them said that have been unfairly targeted by media reports even though they have not done anything illegal. Denying that they have committed any wrongdoing, they both said the CIJ report has puts them in a negative light and tarnished their image. The report, 'Nepal Leaks 2019: Illegal Wealth Watch', released by the CIJ-Nepal yesterday should not have contained such flaws, they said, though CIJ claims that the report was the outcome of year-long investigations. However, most of the names Nepal Leaks claims to have disclosed also featured in the 'Panama Papers Leak' two years ago in 2017.
All Nepalis making investments in foreign land should not be put into a single basket as some of them may have secured permits from the central bank, while others may have become investors while living abroad, and some may be NRNs.

नेपाल लिटरेचर फेस्टिभल पुस ७ देखि

नेपाल लिटरेचर फेस्टिभलको सातौं संस्करण आगामी पुस ७ देखि १० गतेसम्म पोखरामा हुने भएको छ । फेस्टिभलबारे जानकारी दिन सोमबार राजधानीमा आयोजित पत्रकार सम्मेलनमा आयोजक बुकवर्म फाउन्डेसनले यस पटक साहित्य उत्सवमा सयभन्दा बढी स्वदेशी तथा विदेशी लेखक सहभागी रहने र तीन दर्जन भन्दा बढी सेसन र अन्य थप रोचक सामग्री समावेश हुने जानकारी दिएको छ ।
‘जहाँ शब्दहरू जीवन्त हुन्छन्’ भन्ने नारासहित सन् २०११ मा काठमाडौंबाट सुरु भएको फेस्टिभलको चार संस्करण काठमाडौंमा नै गरेपछि साहित्य तथा साहित्यकारलाई काठमाडौंको प्रदूषणबाट सुन्दर नगरी पोखरा पु-याइएको आयोजकको भनाइ छ । फेस्टिभल संयोजक रविन गिरीका अनुसार फेस्टिभलमा बेलायती ग्राफिक नोभलिस्ट निकोला स्ट्रिटसँग मास्टर कार्यशाला तथा ब्रिटिस काउन्सिलको क्रिएटिङ हिरोइन्स प्रोजेक्ट प्रदर्शनी पनि हुनेछ । यस्तै, फेस्टिभलमा अर्थतन्त्र, शिक्षा, स्वास्थ्य, रेमिट्यान्सलगायत विषयमा समेत छलफल गरिने पनि गिरीले बताए ।
यस पटकको फेस्टिभलमा पाकिस्तानका मोहम्मद हनिफ, भारतकी नमिता गोखले, प्रज्वल पराजुली, क्यानडाकी मन्जुश्री थापा, पाकिस्तानकी सब्रिना टोप्पा, बेलायतकी डा. निकोला स्ट्रिटेन तथा भारतका हरिश नाम्बियार र ए एस अनुपमलगायतको सहभागिता रहनेछ ।
फेस्टिभलका निर्देशक अजित बरालका अनुसार नेपाली र अन्य भाषा र भूगोलका साहित्यलाई एउटै मञ्चमा ल्याएर मन्थन गर्ने, स्रष्टा र पाठकबीचको दूरी कम गर्ने र फरक विचारलाई सम्मानका साथ स्थान दिने काममा फेस्टिभल उत्प्रेरक बनेको छ । फेस्टिभल पाठकले मनपरेका लेखक र लेखकले पाठक भेट्ने थलो हुने भन्दै उनले फेस्टिभलमा तीन दर्जनभन्दा बढी सेसन सञ्चालन हुने बताए । उनका अनुसार यसपटक साहित्य महोत्सवमा नयाँ लेखक र साहित्यकार पनि वक्ता रहने छन् ।
रेमिट्यान्स कम्पनी आइएमई ग्रुप र फाउण्डेसनबीच फेस्टिभल प्रायोजन सम्झौता भएको जानकारी दिँदै बरालले महोत्सवको नाम यसपटक पटक ‘आइएमई नेपाल लिटरेचर फेस्टिभल’ भएको बताए ।

कर्टेन रेजरमा गुरुचरण दास
‘आईएमई नेपाल लिटरेचर फेस्टिभल २०१८’ को कर्टेन रेजर कार्यक्रममा शनिबार भारतीय लेखक तथा चिन्तक गुरुचरण दासले ऋषिमुनिहरूले सुखी तथा सम्पन्न जीवनको अर्थ खोज्ने क्रममा नै मानव जीवनका धर्म, अर्थ, कामः तथा मोक्षलाई चार पुरुषार्थ भनी पारिभाषित गरेको स्मरण गरे ।
आफूलाई नेपालको ‘ज्वाइँ साहब‘को रुपमा परिचित गराउँदै कार्यक्रममा उनले आफ्नो नयाँ पुस्तक ‘कामः द रिडल अफ डिजायर’को विषय ऋषिमुनिहरूले बताएको चार पुरुषार्थमध्ये तेस्रो कामःको विषयमा केन्द्रित रहेको बताए ।
“आदिकालीन समाजमा जीवन भावनात्मक रुपमा अर्थपूर्ण रहेको थियो किनकि त्यसबखतमा समाज उदार थियो । साथै, धर्म, अर्थ, कामः तथा मोक्षलाई उच्चतम महत्व दिइएको थियो,” उनले भने, “तर हामीले हाम्रो सभ्यता तथा इतिहास बिर्सियौं । त्यसैले मैले मेरा किताबमा यिनै विषयलाई व्याख्या गर्ने कोसिस गरेको छु ।”
कार्यक्रममा संस्कृति, पर्यटन तथा नागरिक उड्डयनमन्त्री रविन्द्र अधिकारीले देशको सार्वाङ्गिण विकासका लागि साहित्यको पनि ठूलो भूमिका हुने बताउँदै देशको समग्र समृद्धिका लागि आर्थिक विकास मात्र पर्याप्त नहुने बताए । “यसका लागि कला, साहित्य एवम् संस्कृतिको समृद्धि पनि आवश्यक हुन्छ । त्यसैले नेपाल लिटरेचर फेस्टिभल जस्ता महोत्सव भइराख्नुपर्छ,” उनले भने ।
कार्यक्रममा फेस्टिभलका प्रायोजक आइएमईका कार्यकारी निर्देशक सुमन पोखरेलले आइएमईलाई लिटरेचर फेस्टिभलमा प्रायोजनको अवसर दिएकोमा बुकवर्म फाउन्डेसनलाई धन्यवाद दिदै आइएमईले सामाजिक उत्तरदायित्वका क्षेत्रमा पनि काम गरिरहेको र यस्ता महोत्सव आदिमासहकार्य गरिरहने प्रतिबद्धता व्यक्त गरे ।
कार्यक्रमको सुरुमा लेखक शिवानीसिंह थारुले आधुनिक नेपाली साहित्य २१औं शताब्दीसँगै अघि बढेको बताउँदै एक सय वर्ष पूरा भएसँगै नेपाली साहित्यले नयाँ फड्को मारिसकेको बताइन् । नेपाली साहित्य परम्परा र नेपाली साहित्यलाई विश्व साहित्यसँग जोड्ने समय आइसकेको भन्दै उनले नेपाली साहित्य अन्तर्राष्ट्रिय जगतमा पुर्याउन सकिने पनि बताइन् । ‘नेपाल लिटरेचल भेस्टिभलजस्ता उत्सवले पनि नेपाली साहित्यलाई विश्व साहित्यसँग जोड्न सघाउने छ,’ उनले भनिन् ।
कार्यक्रममा गायक धर्मेन्द्र सेवानले ‘रेशम फिरिरी’लगायत पाँच ओटा गीत गाएका थिए ।