KATHMANDU: Civil Saving and Cooperative Limited has issued loans against the norms and values of cooperatives and financial institutions, putting over 8 billion rupees of depositors at risk.
According to a report in Kantipur daily, the financial institute has issued a loan of Rs 8. 35 billion. It has given loan to three companies of Civil Group Rs 7 billion 427 million and 300 thousand which comes around 88.93 percent.
According to the statement, it has given Civil Homes Rs 7 billion 13 million and 700 thousand in loan which is 83.98 percent. Similarly, it has issued Rs 346. 7 million in loan to Civil Apartment and Rs 66.8 million to Civil State.
According to the existing regulations, cooperatives are not allowed to issue loan more than 10 percent of the capital fund to a client.
Comment