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UML wants bank ‘reforms’ stopped


The opposition Unified Marxists-Leninists has called on the government to stop the process of handing over the management of two of Nepal's largest banks to foreign companies. They want the government to find ways other than the two-year management contracts to address the banks' problems. The two banks together hold over 50 percent of all deposits in Nepal.

Forty-two companies, including several large multinational financial institutions, have expressed interest in managing the banks. Among these are KPMG Barnet, the auditors who declared the two banks "technically insolvent" earlier this year. KPMG's interest is one reason to suspect "foul play", claims the opposition, adding that the government's decision to involve foreign companies could lead to more losses.


LATEST ISSUE
638
(11 JAN 2013 - 17 JAN 2013)


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