Agreement reached on terms for inquiry into cooperative fraud case

Agreement reached on terms for inquiry into cooperative fraud case

The ruling parties and the main opposition Nepali Congress have agreed on four points for the formation of a parliamentary inquiry committee to investigate the cooperative fraud case involving the Gorkha Media Network.

After a meeting held on Monday afternoon at the Ministry of Law in Singha Durbar, attended by leaders from the CPN (UML), Nepali Congress, CPN (Maoist Center), and National independent party, an agreement was reached on the mandate of the investigation committee.

The task force, headed by Law Minister Padam Giri and comprising chief whips and senior leaders from the major parties, has prepared the mandate of the parliamentary inquiry committee and submitted it to Prime Minister Pushpa Kamal Dahal 'Prachanda'.

The key points agreed upon for the committee's mandate are:

  1. To study the structural problems of the cooperative sector as a whole, and make suggestions regarding legal, institutional, regulatory, supervisory, and transparency issues in the financial system.

  2. To investigate measures to protect and quickly return the savings of members and savers in troubled cooperatives.

  3. To study the efforts by the government's Cooperative Department and the Problematic Cooperative Management Committee to resolve issues in the cooperatives listed in Schedule-1, and suggest ways to immediately return the savings of members and savers.

  4. To investigate whether funds deposited by members and savers in the cooperatives listed in Schedule-2 were embezzled, misused, or improperly transacted to the Gorkha Media Network Pvt. Ltd. or other companies. The committee will identify any individuals involved in such illegal activities and recommend measures to recover the at-risk funds and take legal action against those found guilty.

The seven-member committee, coordinated by Law Minister Padam Giri, has been given a three-month duration to complete its investigation.

The committee is expected to be formally formed and approved in the House of Representatives meeting on Tuesday.

The cooperatives under scrutiny include Oriental Co-operative Limited, Standard Savings and Credit Co-operative, Pacific Savings and Investment Co-operative, Prabhu Savings and Credit Co-operative Society, and several others listed in the schedules attached to the mandate.

This parliamentary inquiry committee aims to thoroughly investigate the cooperative fraud case, protect the savings of members and savers, and take necessary legal actions against those found responsible for misusing funds.

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