Nepal Rastra Bank on Monday withdrew the suspension of the board of Bank of Kathmandu after disputing board members agreed to patch up their differences and work together for the growth of the depositors and shareholders.
The decision to this effect was taken on Monday. It has paved the way for the suspended board members to contest for different positions in the election of the executive board at the annual general meeting (AGM).
“NRB team will continue to manage the bank till the AGM is held. However, we have decided to set the board members free to contest for any posts in the AGM that NRB team will call,” said NRB Governor Deependra Bahadur Kshetry.
The central bank had suspended the board of BoK and taken control of its management on May 20, amid deepening disputes among the promoters of the bank. The action was taken on the basis of a charge that the board had failed to safeguard the interests of the bank´s promoters and depositors.
Subsequent to the decision, the central bank had sent a four-member NRB board led by Director Laxmi Prapanna Niraula to manage the bank. It had also instructed the suspended board members to end the dispute.
Later on June 22, BoK board members had admitted that their split and engagement into disputes was a mistake and had promised to work for the growth of the institution.
Source: Republica
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Wednesday, July 8, 2009
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