CIAA spokesman Shreedhar Sapkota told Republica on Tuesday that Officiating Managing Director Agrawal, Director Nagendra Sah and managers duo Kamal Prasad Sharma and Netra Prasad Kafle have been held in CIAA custody.[break]
"We took them into custody because NOC ignored CIAA´s instruction issued in 2008 not to distribute bonus to staffers in view of its massive cumulative losses," said Sapkota.
Bowing to immense pressure from trade unions, the NOC board had earlier decided to distribute bonus to staffers from the profit of Rs 3.31 billion earned in the fiscal year 2008/09.
The CIAA earlier had instructed all public enterprises with cumulative loss not to distribute bonus even if they make profit in a given year.
In line with the instruction from the CIAA, the NOC board´s meeting held on July 21, 2010 had decided not to distribute any bonus to its staffs until the ailing petroleum monopoly makes up for its accumulated loss and turns a profit.
But on December 22, 2012, NOC executive director going against the decision of the NOC board and CIAA instruction decided to distribute bonus from the profit made in the fiscal year 2008/09.
NOC has accumulated loss of Rs 27 billion and outstanding loans worth Rs 28 billion.
Plagued by corruption, mismanagement and soaring losses due to skyrocketing prices of petroleum products in international market, NOC has been suffering monthly loss of around Rs 1.62 billion.
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