SC tells NRB not to freeze Sumargi’s Rs 2.14 billion «

SC tells NRB not to freeze Sumargi’s Rs 2.14 billion

The Supreme Court (SC) on Tuesday issued an interim order directing Nepal Rastra Bank (NRB) and Nepal Investment Bank Ltd (NIBL) to not freeze Rs 2.14 billion remitted for Nepal Satellite Company owned by businessman Ajeya Raj Sumargi.
Sumargi went to knock the door of the Supreme Court after the NRB freezed money remitted to him for Nepal Satellite Company.
Responding to a writ filed on Sunday, a single bench of Justice Tej Bahadur KC issued the interim order and has also summoned both the parties for a detailed discussion on the issue on February 14.
Earlier, Sumargi had tried to get approval from NRB to bring in around Rs11 billion from abroad as loan for his companies. But the NRB – saying that it would provide clearance only if Sumargi produced documents sought by the central bank – had halted the process. Sumargi had been – since last 3 years – claiming that it has caused his companies harm as the money he wanted to bring in for the investment has been stopped.
Sumargi, also the owner of Muktishree Group, has brought investments from the British Virgin Islands.