In Bagmati Province, an additional 15 cooperative organizations have encountered financial difficulties. Depositors have petitioned the National Cooperative Regulatory Authority to declare these cooperatives as problematic. According to the authority, approximately Rs 295.67 crore of the public’s savings are currently trapped in these 15 cooperatives. Since the issuance of the cooperative ordinance, the authority has gained the power to freeze the assets of managers involved in misappropriation of funds and to restrict their international travel. Kathmandu, 25 Jestha.
Problems have surfaced in 15 more cooperatives within Bagmati Province. Depositors have approached the authority demanding that these cooperatives be declared troubled. Cases of fraud and mismanagement of savings in cooperatives are increasing daily. The Ministry of Land Management, Cooperatives, Federal Affairs, and General Administration has previously declared 23 cooperatives in the Kathmandu Valley as problematic. The total number of troubled cooperatives has now reached 46.
The authority has recommended to the ministry that these 15 cooperatives be officially declared problematic. It is actively working to confiscate the assets of the managers and administrators of these troubled cooperatives. According to an official from the authority, these cooperatives are located in the districts of Kavrepalanchok, Bhaktapur, and Kathmandu. Depositors in these cooperatives are owed approximately Rs 295.67 crore, which they currently cannot recover.
