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The Special Court has acquitted the suspended Chief Secretary Baikuntha Aryal on Wednesday.

A division bench of Chairperson of the Special Court Justice Tek Narayan Kunwar and Justices Khushi Prasad Tharu and Ritendra Thapa issued the verdict giving a clean chit to the Chief Secretary Aryal against the case filed by Commission for Investigation of Abuse of Authority (CIAA), claiming Aryal's involvement on printing of stickers of excise duty.

"The argument of malafide intention and collusion, thereby incurring a loss to the government but making individual profit with a decision on behalf of the Secretary at Ministry of Information and Communications in the absence of precedent and bylaw, was not established with proof," the verdict stated.

Similarly, the budget was allocated via the 'LMBS' for the National Security Printing Center, the Court said.

"As the defendants were acting in a good intention for the enforcement of a project of the national need and significance, the accusation on them of having a malafide intention to cause loss to Nepal government's property and making money for individual benefit failed to be verified and proved," the Justices reiterated in the verdict.

Also in the list to be acquitted together with Chief Secretary Dr Baikuntha Aryal are consultant at Security Printing Center, Shakti Shrestha; account officer Bishnu Gautam; section officer Hari Ballav Ghimire; Prince Cell Pvt, and its Director Keshav Sharma.

However, the Court has found Executive Director of the Center, Bikal Paudel, and Director Saphal Shrestha guilty. The Special Court would decide the punishment later.

The CIAA had filed a case against 11 persons and a company claiming recovery of Rs 386 million from them. The case was being heard for five consecutive days.

Bangladesh defeated host Nepal to retain the title of the South Asian Football Federation (SAFF) Women's Championship.

In the match played under lights at Dashrath Stadium in Tripureshwor, Bangladesh defeated Nepal by 2-1 goals. Two years ago, Bangladesh had defeated Nepal by 3-1 goals to win the championship for the first time.

All the three goals were scored in the second half, after the first half ended in a goalless draw. Bangladesh took the lead in the 52nd minute, with Monica Chakma opening the scoresheet. However, the lead did not last long, as Nepal's Amisha Karki made it 1-1 in the 56th minute.

Ritu Porna Chokma scored in the 81st minute, as her cross into the box from the left flank beat Nepali goalkeeper to make it 2-1 for the visitors. The scoreline did not change, as Nepal failed to exert any pressure in the remaining nine minutes and added five minutes.

Prime Minister KP Sharma Oli, who watched the final, also gave away the championship trophy and medals to the winners and runner-up.

Deputy Prime Minister and Minister for Urban Development Prakashman Singh, Home Minister Ramesh Lekhak, Minister for Youth and Sports Minister Tejulal Chaudhary, ANFA President Pankaj Nembang, were among the dignitaries present at the full-house stadium to watch the final match.

Nepal lost in the final for the sixth time, four times to India and two times, including this one, to Bangladesh. India have won the championship five times while Bangladesh made it two in a row, after winning in 2022.

Host Nepal had made it to the final after defeating five-time champions India 4-2 in a penalty shootout in the semi-final. Bangladesh eased to the finals following a 7-1 win against Bhutan.

Four rhinos have been found dead inside the Chitwan National Park (CNP) and its surrounding areas in the past two weeks.

The rhinos were found dead at different areas of CNP till today from October 17. Information Officer of the CNP, Abinash Thapa Magar, said a female rhino of around 20 years was found dead at Madhyabindu Municipality-Daunnedevi Buffer Zone Community Forest on October 21.

Similarly, a calf and an adult rhino were found dead in CNP on October 18 while a female rhino of around 25 years was found dead at Bhimle Post of CNP on October 29. 

Information Officer Magar shared, "A total of 10 rhinos have died so far from the beginning of the current fiscal year 2024/25."

Meanwhile, 10 people were arrested since October 17 on the charge of carrying out different illegal activities inside the CNP and its buffer zone, added CNP.

The Supreme Court will remain open during the Tihar holidays also to hear into habeas corpus writ petition.

The Supreme Court Administration stated in a notice it issued today that the Court will be open from 11am to 3pm on other days of the Tihar festival (October 31 to November 4), except on Saturday and the day of Bhai Tika (November 3).

The recent parliamentary investigation reveals significant challenges within Nepal’s cooperative sector, with approximately 14,000 cooperatives engaged in savings and loans, though only about 10,000 are currently active. The report shows that around 4,000 cooperatives are inactive.

Among the savings and loan cooperatives, nearly one-third are active in the Bagmati province. There are a total of 2,716 cooperatives in 13 districts of Bagmati, with 40 identified as problematic and 205 facing various issues. Kathmandu, leading with 866 cooperatives, has 96 that have mismanaged depositors’ funds, followed by Lalitpur with 41 problematic cooperatives out of 481.

Chitwan, Makwanpur, Kavrepalanchok, Bhaktapur, Ramechhap, and Dolakha also have a significant number of cooperatives.

Bagmati as a model of mismanagement

The parliamentary committee established to investigate the misuse of savings in cooperatives has concluded that wherever there are issues in the cooperative sector, they are most prevalent in Bagmati province. According to committee chair Surya Thapa, a variety of irregularities have been found in cooperatives in Bagmati province. “To understand the types of issues in savings and loan cooperatives, we need only look at a few within Bagmati province,” he stated, adding that this region exemplifies the distortions and inconsistencies within cooperatives. He noted that the rich dominate these cooperatives rather than the poor. 

Thapa pointed out that the lack of effective regulation by government entities has allowed these irregularities to persist. “We still don’t have accurate data on how many cooperatives are operational in Nepal or where they are located,” he said. “During the investigation, we requested cooperative details online from municipalities across the country, but 54 percent did not provide any information.” Many cooperatives are currently operating under local government oversight, and it has been found that regulatory bodies are not fulfilling their responsibilities.

Investigation of 40 cooperatives, 29 in Bagmati

The parliamentary committee investigated 22 problematic cooperatives and 18 publicly questioned cooperatives as part of its mandate. Among the 40 cooperatives studied, 29 are located in Bagmati province. These include Swarnalakshmi, Kantipur Savings, Sumeru, Gautam Shree Multi-Purpose, Gorkha Savings and Credit, Agricultural Development Multi-Purpose, Nepal Cooperative, Laligurans Multi-Purpose, Shivashikhar Multi-Purpose, Ideal Yamuna Multi-Purpose, Lunibha, Jyeshta Savings and Loan, Pashupati Savings and Credit, Oriental Cooperative, Societal Savings and Credit, Our New Agriculture, Consumer Savings, Kuber Savings and Loan, Kohinur Hill Savings and Credit, and Chartered Savings and Credit cooperatives. 

Additionally, Prabhu Savings and Loan, Vhegas, Standard Multi-Purpose, Standard Savings and Credit, Pacific Savings and Credit, Darshan Savings and Loan, Kumari Savings and Loan, and Capital Savings Credit Cooperative Limited were also studied and reported on by the parliamentary committee. The report mentioned that these 40 cooperatives hold total savings of Rs 71.3bn and liabilities of Rs 87.89bn. However, their total assets amount to only Rs 82.32bn, with Rs 53.78bn in loans, indicating weak foundations for debt recovery, interest collection, and other investments, according to Thapa.

No issues with policy, law, or technology

Uddhav Sapkota, president of the Bagmati province Savings and Loan Cooperative Federation Limited, responded that cooperatives following established policies, laws, and technologies face no issues. He noted that there are a total of 10,481 cooperatives in Bagmati province, with 4,682 engaged in savings and loan transactions, most of which operate under local government oversight. 

“Our province is home to cooperatives that have gained international recognition,” Sapkota remarked, citing the Bindabasini cooperative in Kavre and the Janasachetana Savings and Loan Cooperative in Dolakha as examples. The Bindabasini cooperative has 40,000 members and a transaction volume of Rs 4bn. Sapkota emphasized that cooperatives should not be evaluated uniformly. “The state must take action against cooperatives that mismanage public funds, but it should also encourage good cooperatives. The concept of cooperatives is followed by many countries worldwide, and they are an important sector for driving Nepal’s economic prosperity.” 

He pointed out that irregularities are spreading throughout the cooperative sector due to ineffective regulation by oversight bodies. Problems have arisen when the values and principles of cooperatives are disregarded. “Attempts have been made to restrict cooperatives within limited family circles, operate them unlawfully, and ignore established laws and regulations,” Sapkota stated, stressing the need for the government to take strict action against those cooperatives that operate improperly while supporting those that manage effectively.

Weak regulator, lax regulation

After promoting the cooperative sector as self-regulation, it has been found that distortions are increasing. During the construction of the Cooperative Act 2017, the disorganization increased after the pre-approval of Nepal Rastra Bank was not kept. The Co-operative Department and Divisional Cooperative Office at the Center could not regulate the co-operatives across the country.  

The Cooperative Investigation Special Committee has suggested that a powerful cooperative authority should be formed to organize the cooperative movement across the country. The committee also suggested that the government implement this article soon. The cooperative workers have also requested to implement the suggestions given by the committee as soon as possible and address the demands of the victims. 

The committee concluded that the main reason for lax regulation in the cooperative sector is the cooperative directors with large capital and high political access. It has been mentioned in the report of the committee that the regulation is weakening despite the fact that about 95 percent of the attention of the Ministry of Cooperatives is on other matters.  

In order to regulate cooperatives, the Union has the Cooperative Act 2017, Regulations 2018. However, there is a problem due to the lack of legal provisions at the provincial and local levels. The structures stipulated in the Cooperative Act 2017, such as the Credit Information Center, Debt Recovery Tribunal and Savings and Credit Protection Fund, have not yet been established. The committee concluded that these structures are considered important for making the cooperative sector legally governed and organized. 

During the inquiry conducted by the Parliamentary Inquiry Special Committee, several examples of misconduct have been found by the local and co-operative officials. It has been found that there are people who go to celebrate birthdays by taking a helicopter carrying the money of the cooperative and stealing the co-operative’s money by ensnaring the entire members of the same house.   

Capital Savings and Credit Co-operative Limited, Thamel and New Road Branches’ owners and managers have taken a large amount of money from the cooperative, but there is a problem of non-payment of loans. The committee has concluded that the organization is in trouble when it invests the cooperative’s savings in its private business. It is seen that there is no change in the board of directors in the cooperative and when the same person leads for a long time, bullying is hiding.  

The chief executive officer of this cooperative, Dinesh Paudel, is currently uncontactable. 2000 share members have Rs 90m capital and Rs 2.4bn savings.  Sumeru Savings and Loans Cooperative Society Limited in Lalitpur has been run by the same person for a long time. 

Founded in the year 2000 under the leadership of Bharat Maharjan, his leadership continued till 2019. Maharjan has been making single decisions by keeping only his confidants and relatives in the board of directors. Now all his family are in the UK. The government has not been able to arrest him and bring him to Nepal, who is absconding after misappropriating the funds of the cooperative. After Maharjan embezzled the co-operative’s funds, he left the co-operative by placing Hemraj Dahal, an employee who had been working since 2019, as the chairman and Binod Acharya as the secretary, along with other relatives in the board of directors.   

Sumeru Hospital in Dhapakhel, Sumeru City Hospital in Pulchowk, Asian College and Shankarapur Academy in Satdobato, Housing, Mart, Mini Exchange, Tour and Travels Company, Sumeru Investment Company in the name of Sumeru Group were run by Maharjan by misappropriating the money of Sumeru Cooperative. Sumeru Cooperative’s total assets and liabilities are Rs 9,209,525,889. Liquidity is only 0.096 percent. 

The Nepal Stock Exchange (NEPSE) plunged by 14. 43 points to close at 2,677.62 points on Wednesday.

Similarly, the sensitive index dropped by 2. 46 points to close at 478. 82 points.

A total of 12,069,878-unit shares of 305 companies were traded for Rs 5. 95 billion.

Meanwhile, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) and Mid Solu Hydropower Limited (MSHL) were the top gainers today with their price surging by 10. 00 percent. Likewise, Janaki Finance Company Limited (JFL) was the top loser with its price dropped by 4. 90 percent.

At the end of the day, the total market capitalization stood at Rs 4. 26 trillion.

The Parliamentary Hearing Committee has endorsed the name of proposed ambassador to Belgium, Sewa Lamsal, for appointment to the post.

A meeting of the Committee chaired by its senior most member Pashupati Shumsher JBR today unanimously endorsed Lamsal's name for appointment to the post of Nepal's ambassador to Belgium, Committee member Mahesh Prasad Bartaula said.

Earlier, proposed ambassador Lamsal had presented an action plan including her experience, qualification, interest and future strategy before the Committee.

She has held the responsibility of Nepal's ambassador to Pakistan and Foreign Secretary before this.

Prime Minister KP Sharma Oli has directed the Nepal Doorsanchar Company Limited (Nepal Telecom) to deliver quality services.

The Prime Minister directed the Telecom team, which reached the Prime Minister's Office to inform about the amount of assistance deposited to the Prime Minister's Disaster Relief Fund, to engage full-fledged efforts to provide service to the people.

He assured that the government would extend support, if necessary, for equipment and technology and urged to keep the reputation of the organization as the property of the nation.

Minister for Communications and Information Technology Prithvi Subba Gurung and Ministry Secretary Radhika Aryal were also present on the occasion.

On the occasion, Telecom's Managing Director Sangita Aryal informed that Rs 10.27 million has been deposited to the fund.