Court sends former NSM boss, GM to judicial custody
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KATHMANDU, NOV 21 -
The Patan Appellate Court on Sunday sent the former executive chairman of Nepal Share Market and Finance Limited, Yogendra Prasad Shrestha, and general manager Shidhdhartha Man Maskey to judicial custody.
A joint bench of justices Tanka Bahadur Moktan and Susmalata Mathema decided to send them to judicial custody to ease the judicial process. They were in police custody until Sunday.
Shrestha has been charged with misappropriation of public deposits worth more than Rs 2 billion, while Maskey is facing charge of assisting Shrestha in the wrongdoing. Tika Singh Khatry, nayab subba at the court’s case registration department, said the hearings will continue while they are behind bars.
The police arrested Shrestha about two months ago in Kanchanpur. He is accused of lending Rs 1.57 billion without any collateral and proper documentation; using Rs 880 million for personal purposes; and lending Rs 204.9 million to the company’s board of directors in violation of laws.
Shrestha was found to have deposited Rastriya Beema Sansthan’s deposits in his personal account, which had to be deposited in the institutional depositor’s account.
Currently, the finance company is in the process of selling Shrestha’s property, including his shares in Himal Hydro and Star Mall at Putalisadak, to recover the amount he misappropriated.
Posted on: 2011-11-21 08:56
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