Trending Finance Posts
Stay updated with the latest news in the finance industry.

22.5 million was deposited into Gorkha Media's account under the cooperative's name.

Nepal. It has been discovered that there is Rs. in the bank account of Garekha Media Network.

The Parliamentary Inquiry Special Committee on Misuse of Cooperative Savings Funds report states that Gorkha Media Network has received 655.54 million rupees in funding from five separate cooperative organizations.

Of which, the cooperative directly deposited Rs. 224.6 million in the name of the cooperative into the account of Gorkha Media Network.

In a similar vein, the committee's report states that it was discovered that about 43.7 million rupees were introduced into the Gorkha media network under the names of other people and entities.

"Funds from cooperative organizations appear to be flowing to companies in the sum of Rs. 6; these companies include Gorkha Media Network Pvt. Ltd., Supreme Savings and Loan Cooperative Society, Sahara Chitwan Multipurpose Cooperative Society, Swarnalaxmi Multipurpose Cooperative Society, and Small Payla Savings and Loan Cooperative Society."It was seen that the aforementioned sum was paid to the business as a loan, and that a portion of the sum was also raised as a loan in the director's name.

The study mentions that the cooperative's funds were made available to the Gorkha media network through a number of different channels. Except for share offerings, savings and loan operations are prohibited by the Cooperative Act.

It is also illegal to take money directly from the cooperative in Gorkha Media Network since the Act forbids any business from owning shares in a cooperative.

The study claims that "it does not seem to be legally envisaged that the cooperative's savings will be traded or the money will be transferred without the members" and that "illiteracy is not an excuse for breaking the law; ignorance of the law is a valid legal principle." Thus, it is forbidden to transfer funds directly from the cooperative to Gorkha Media Network Pvt Ltd. or any other business.

The funds that were deposited into Gorkha Media Network's account as they came from the cooperative organization were not accepted by the audit report of the cooperative.

The aforementioned sum is mentioned in the audit report as Nibryaji Sapti, which Gitendrababu (GB) Rai briefly provided.


Tags:
    Share: