Kathmandu. Jyoti Prakash Pandey, who is accused of organized crime, fraud and banking fraud, is currently the CEO of Nepal Investment Mega Bank. Six out of 7 directors, including the chairman, are absconding. The case of auctioning government property in collusion with Ncell is in court. Since the final verdict of the court will take time, the bank is in danger of being held hostage by that time.
The bank’s Employee Bylaws state that the CEO is automatically suspended after a criminal case is filed.
But the management of the bank is trying to ignore this rule imposed on other small employees. Just as a CEO’s chair is bigger than people’s billions of deposits, the bank is saying ‘everything is fine, we are doing it’. The regulator, Nepal Rastra Bank, has been issuing a statement saying that it is taking legal opinion. But the people’s deposits? No one seems to be as concerned about its safety as it should be, no one seems to be as concerned as it should be.
Rastra Bank is the guardian. When the bank is in crisis, it is the job of the regulator to prevent the crisis from happening. The Karnali Development Bank incident has taught Nepal a harsh lesson. If the depositors finally have to come out on the streets demanding their money back after assuring that the bank is fine, ‘there is no problem’, ‘the deposit is safe’, then the justification of the regulator is questioned. Strict steps should be taken now to prevent the same situation in Nepal Investment Mega Bank. Because, as the bank claims, it is clear that everything is not right now. Everyone has understood that a bank which is run by the trust of the people under the leadership of the perpetrator of serious crimes should not be run anymore. No strict action has been taken against Nepal Investment Mega Bank in the fight of selfishness.
The court decides the crime, the most important thing now is the safety of the people’s money. And the NRB should be aware of the bitter truth that the perpetrator of fraud, organized crime, and banking fraud cannot and should not lead it. Nepal Rastra Bank should appoint a new board of directors as soon as possible. The new leadership should be given the responsibility of the bank. Now, Nepal Investment Mega Bank cannot be run by the guilty, some other controversial character or loose banker. Just as it is not possible to give cetamol to a cancer patient, in the same way, Nepal Investment Mega Bank should not be given the responsibility of Larotro leadership. Today, if a guilty person is removed and the same controversial deputy CEO is called again, it cannot be said that the bank will not eventually go to Karnalipath.
The chair of an accused should not be bigger than the bank. Therefore, Jyoti Prakash Pandey should be removed from the post of CEO of the bank immediately and the bank should be saved. The most important thing is the money kept by the people and it should be properly protected.
