KATHMANDU: The Supreme Court (SC) today issued a mandamus not to freeze the release of what has been seen as suspicious foreign investment in the name of Muktishree Cement owned by Ajaya Sumargi.
A joint bench of Chief Justice (CJ) Cholendra Shumsher Rana and Justice Bam Kumar Shrestha issued the mandamus to the government and Nepal Rastra Bank (NRB) saying that the source of ‘foreign investment’ that has come in the name of Muktishree Cement is legal.
This has paved the way for Sumargi to release the US$ 7.50 million from the bank account, which had earlier been frozen.
CJ Rana and Justice Shrestha issued the mandamus in favor of the writ petition filed by Sumargi.
It should be noted that the NRB had frozen the above said amount out of the US$ 45 million, which the Muktishree Cement received as ‘foreign investment’, an amount seen as ‘suspicious’.
Comment