Finance company chairman arrested on embezzlement charge

The Central Investigation Bureau of Nepal Police on Friday arrested Himalaya Bhakta Pradhananga, former chairman of Himalaya Finance Limited and Shyam Krishna Shrestha, acting general manager of the company, on charge of embezzling the financial institution's funds.

“An investigation has been launched to file a case against the duo who stand accused of pushing the finance company towards a verge of collapse by issuing loans illegally,” CIB said in a statement.

The central bank had earlier declared the finance company as crisis-ridden after it found that the institution was maintaining a negative core capital of 7.82 percent.

The finance company was also found to have tampered with record of borrowers. Nepalnews.com