Kathmandu. Surya Prasad Silwal, the then chairman of the Nepal Insurance Authority, has lost his job over the issue of approval to buy the initial shares of Nepal Reinsurance Company (NRA).
Silwal was not seen by the Commission for the Investigation of Abuse of Authority (CIAA) for nearly 4 years, although there was a controversy regarding his age and citizenship immediately after he was sworn in as the chairman. However, the Shankar Group and the alliance of businessman Deepak Bhatta have been accused of corruption after they were denied permission to buy additional shares of Nepal Reinsurance Company.
Silwal had approved an investment of Rs 2 billion in Asoj 2081 to Himalayan Life Insurance to invest in ordinary shares other than insurance company. The group had already been buying shares of Nepal Reinsurance. The plan was to bring additional sanctioned funds for the same purpose. However, the authority did not explicitly give permission for the purpose.
Ten days before the CIAA filed a corruption charge sheet against Silwal at the Special Court on December 9, 2081, the board of directors of Himalayan Life Insurance Company had decided to buy 1 million units of public shares of Nepal Reinsurance Company from secondary market. However, it did not get approval from the authority.
Madan Dahal was appointed chairman on December 12, 2001 after Silwal was relieved of his post on December 12, 2008 on the charge of corruption. On December 28, Himalayan Life sought approval to buy the ordinary shares of Nepal Reinsurance. After 10 days, Chairman Dahal gave the approval as demanded by the company. Less than a month after such approval, the Board of Directors of Himalayan Life Insurance asked for purchase of an additional 2 million units of shares on February 7, 2081. On February 13, 2081, Dahal gave approval to purchase additional 2 million units of shares as per the demand of Himalayan Life.
Share Purchase Approval Drain
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- On September 26, 2081, Himalan Life sought approval to invest Rs 2 billion in the stock market
- Chairman Suryaprasad Silwal relieved on corruption charge on December 24, 2081
- } Seeking Investment Approval in Public Shares of Nepal Reinsurance by Himalayan Life on 14th December 2081
- Decision of the Committee for the promotion of Sushil Dev Subedi to the post of Executive Director on February 7, 2081
- Chairman Dahal approves purchase of additional 2 million units of shares on February 15, 2081 on the recommendation of Director Subedi
- } Chairman Madan Dahal relieved of responsibility of NRA on February 26, 2081
Nepal Insurance Authority approves investment of Rs 2 billion on September 26, 2081
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Decision of Himalayan Life to Purchase 10 Lakh Units of Public Shares of Nepal Reinsurance on November 30, 2081
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TAG_OPEN_li_40 Madan Dahal appointed as Chairman of Insurance Authority on December 28, 2081
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TAG_OPEN_li_38 On January 10, 2081, the Insurance Authority (NIA) approved the investment of 1 million units of Nepal Reinsurance Company in the general public shares
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Himalayan Life has applied for purchase of 2 million units of general public shares of Nepal Reinsurance Company on February 7, 2081
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Himalayan Life Insurance has repeatedly made fiscal year 2081. In addition to promoter shares, Nepal Reinsurance Company invested Rs 4.31 billion in shares of Nepal Reinsurance. 2080. In 2018, Himalayan Life Insurance had invested Rs 692.3 million in the general public shares of Nepal Reinsurance. Prior to this, Himalayan Life Insurance had invested Rs 2.27 billion in promoter shares of Nepal Reinsurance.
According to the Department of Money Laundering Investigation, Himalayan Life has invested in the shares in the fiscal year 2081. It had already invested 60.77 percent in 82. Whereas such investment 2080. It was 52.41 percent in 81. Out of the total amount invested by Himalayan Life Insurance Company in various companies, 39.79 percent was spent only to buy ordinary shares of Nepal Reinsurance Company.
What was the gist of Dahal’s statement?
In his statement to the Department of Money Laundering Investigation on April 22, 2008, accused Madan Dahal has stated that he had given permission to purchase the money within the limit of Rs 2 billion set during the tenure of former chairman Silwal. He also argued that no decision was taken against the approval given by the NRA during Silwal’s tenure.
