Committee formed to manage 'troubled' Oriental Cooperatives
January 23, 2018 04:42 PM NPT
KATHMANDU, Jan 23: The Ministry of Cooperatives and Poverty Alleviation has formed a seven-member management committee to take over and manage the 'troubled' Oriental Cooperatives Limited.
The committee will also deal with the matter of compensating the depositors who lost their savings after the cooperatives went bankrupt around four years ago after it disbursed loans haphazardly, and invested depositors' funds illegally in real-estate which later crashed, said the Ministry's Spokesperson Raghuram Bista.
The committee was formed in line with the decision of December 14 Cabinet meeting in this regard.
Gauri Bahadur Karki chairs the committee, while Kashi Nath Marasini, Gobinda Bahadur Malla, Dipak Prasad Poudel, Huma Kanta Panthi, Rewati Raman Pokharel and a representative recommended by the Federation of the National Cooperatives are members.