KATHMANDU, Jan 9: After businessman Ajeya Sumargi already withdrew most of his money impounded in banks, taking advantage of a previous short-term stay order, the Supreme Court (SC) on Tuesday refused to give continuity to the stay order that directed the government and Nepal Rastra Bank (NRB) not to prohibit him from withdrawing the money in question. The money was brought from foreign banks. 

A division bench of Chief Justice Cholendra SJB Rana and Justice Ananda Mohan Bhattarai issued the stay order, stating that there was no requirement to issue a stay order as sought by Sumargi. 

Following hearings conducted on Tuesday with the participation of both sides—the petitioner on one hand and the government and NRB on the other –the apex court refused to issue the stay order even though Muktishree Industries Pvt Ltd, the business firm owned by Sumargi, has already withdrawn the amount taking advantage of the short-term stay order issued earlier by a single bench of Justice Deepak Raj Joshee. 

It is not clear how much of the money has been withdrawn already and what would happen to the withdrawn money. On December 28, Justice Joshee had directed the government and NRB not to prohibit Sumargi from withdrawing the money from the bank. Joshee’s single bench had also summoned the authorities for hearings in this regard on Tuesday.

Challenging an NRB prohibition against his withdrawing 70 million US dollars from his account, Sumargi had filed a writ petition at the apex court. The money was held up by the central bank citing lack of clear provenance. 

Sumargi, who had plans to bring Rs 18 billion from foreign banks, had announced some five years ago that he wanted to invest in various sectors including telecom, hydro power, hotels, cement production and a super store, with an estimated outlay of Rs 24 billion. He also claimed that he was planning a cement factory in Surkhet.  

 
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