KATHMANDU: The Supreme Court (SC) on Friday ordered the release of Nepal Investment Mega Bank Limited (NIMB) Chief Executive Officer Jyoti Prakash Pandey on bail.
Pandey’s wife, Niru Dahal, had filed a habeas corpus petition at the Supreme Court, claiming that he was being held unlawfully.
A joint bench of Supreme Court Justices Saranga Subedi and Shanti Singh Thapa issued the order, directing authorities to release Pandey on bail in the presence of a senior advocate. The court also stated that the investigation process could continue even after his release.
The Supreme Court further directed that Pandey must obtain permission from the court before travelling abroad if necessary.
In its ruling, the court said there was no sufficient basis to keep Pandey in custody during the preliminary stage of the investigation. Accordingly, the bench issued a habeas corpus order in his favor.
The Central Investigation Bureau (CIB) of Nepal Police had arrested Pandey from Sindhuli on charges related to alleged criminal breach of trust in the auction process involving Smart Telecom’s assets.
Following his arrest, several banking and financial sector organizations protested, arguing that the detention was politically motivated and criticizing the government over the move.
Comment