Super Laghubitta Bittiya Sanstha declared problematic
KATHMANDU, SEPTEMBER 9: Nepal Rastra Bank has declared Super Laghubitta Bittiya Sanstha Ltd. as a problematic institution. Issuing a notice recently, the central bank made such a declaration after the high-level officials of the organisation were found to be involved in fraudulent activities. Such activities relate to issuing loans to the board members by creating ‘fake creditors’.
The capital fund of the microfinance was also found to be negative by 10.31 percent. The company had been instructed by the NRB to furnish clarification on March 16 2022 after the detection of problems during its onsite inspection last year.
Super Microfinance has declared problematic per Section 86, Subsection 2 of the Nepal Rastra Bank Act since the explanation was not satisfactory.
It is reported that the institution had also nor releases the third and fourth quarters of the last fiscal year.
Super Microfinance was awarded its operating license two years ago. Kiran Chaudhary is its chairman while Buddhi Ram Chaudhary holds the designation of acting CEO.
