Kathmandu. The initial public offering (IPO) of three micro-insurance companies has been uncertain after the company filed a case against the directors of 7 insurance companies, including Himalayan Reinsurance.
The issuance of shares of Protective Micro Insurance, Star Micro Insurance and Liberty Micro Life Insurance has become uncertain after the board of directors, CEO and chief financial officer were suspended on the charge of money laundering and insurance fraud.
Among the companies that posted net loss, Protective Micro had applied for the public issue on October 5, 2081, Star Micro on December 22, 2081 and Liberty Micro on December 20, 2019. These three companies have sought IPO approval for a total of Rs 67.50 crore worth of Rs 22.50 crore each.
The board of directors and CEOs of Alliant Reinsurance Broker, Himalayan Re Insurance, Himalayan Life Insurance, Nepal Micro Insurance, Guardian Micro Life, Protective Micro Insurance, Liberty Micro Life and Crest Micro Life Insurance have been suspended.
