Kathmandu. The employees of the power generation company have been enjoying salary and allowances on the basis of bank interest for the last nine years.
The employees of this company, established under public-private partnership with the aim of raising financial resources for power generation and building power generation projects, are running the company on the basis of interest from fixed deposits.
Nepal Government, Electricity Authority, Employees Provident Fund, Citizen Investment Fund, Nepal Telecommunication Company, Hydropower Investment and Development Company Limited and Nepal Telecommunication Company and National Insurance Corporation have jointly invested. The company has a total capital investment of Rs 4.28 billion.
According to the 66th annual report of the Auditor General, no project has come into operation even after nine years of the establishment of the company and there is no financial arrangement for the project.
Commenting on the annual report, the Office of the Auditor General has said, “The company is focusing only on interest by keeping money in term deposits rather than going ahead with the project work as per its annual program.” It has to be improved. ”
Increasing management expense burden:
The company’s employee expenses increased by 23.40 percent. Administrative expenses have also increased by 13.85 percent. The Auditor General has suggested to increase the operating efficiency by maintaining austerity if such expenses have increased when the business business has not started.
Path of cancellation or merger:
Since the Hydropower Investment and Development Company Limited already existed, there was no justification for establishing this company. The ruling parties seem to have set up this company only to nurture cadres and create new opportunities for them to get jobs.
It is too late for the government to choose whether to merge it with a company of the same nature or to cancel it by returning the money of the investor company. It is inaction that the company has not been able to invest even in a small hydropower project for a decade after it came into operation.
The proposed phukot Karnali (480 MW), Kimathanka Arun (454.07 MW) and Mugu Karnali (1902 MW) proposed by the power generation company are in the preliminary stage of feasibility study.
This company last fiscal year. The Auditor General has pointed out that despite investing Rs 25 million in Karnali Accumulator Hydro Power Company and Rs 2.55 million in Nepal Power Trading Company Limited in 1981, they did not get the share certificate.
