KATHMANDU: The Nepali Congress (NCC) expressed grave concern over the misappropriation of funds deposited by the commoners in financial cooperatives.
Arguing that the cooperative funds deposited by the common people was transferred to Gorkha Media Networks Pvt.
Limited by the legal provision of limiting credit to its members, the Nepali Congress demanded the return of the funds to the respective cooperatives.
The NC’s Central Cooperatives Department issued a press release and made public the fact that Rs 958 million from the Supreme Cooperatives, Butwal; Suryadarshan Cooperatives, Pokhara; Swarnalaxmi Cooperatives, Kathmandu; and Sahara Cooperatives, Chitwan, was invested in the Gorkha Media Network.
Department Chief Devendra Raj Kandel said such investment was against the Cooperatives Act, 2074, and Regulation, 2075.
He further reminded us that only a natural person can be a member of the cooperatives and make financial transactions.
But, Gorkha Media Network Pvt. drew the money against the provision that only members can take loans from the cooperatives.
Both the owner and chief executive of the cooperatives and the chief executive and proprietor of Gorkha Media Network must be booked as per Section 124 of the Cooperatives Act, as the NC demanded in the press release.
The cooperatives, which have contributed to elevating the socioeconomic status of poor, farmers, and marginalized people, are lately defamed by anarchic groups, so anyone—individual or company—involved in such infamy needs to be booked and people’s savings secured.
The NC also drew the attention of all concerned to press for amendment of related laws and policies along with disciplined practice of cooperatives for the country’s overall development.
