Allegations Surface Against Nepal Reinsurance Leadership Over Risky Business Decisions
Kathmandu — Serious allegations have emerged against the top leadership of Nepal Reinsurance Company, including CEO Surendra Thapa and Chairman Devraj Dhungana, for reportedly compromising government investment and business stability within the organization.
According to a statement issued by the Nepal Re Free Employee Union, the company’s senior management has been accused of deliberately stepping back from key insurance management responsibilities, specifically the foreign employment insurance pool and the third-party motor insurance sector. The union alleges that this withdrawal is tied to the pursuit of personal commissions, potentially amounting to crores of rupees, thereby putting billions of rupees of government investment at risk.
The union has also pointed to internal decisions that suggest a pattern of inaction and withdrawal from core areas of the business that Nepal Reinsurance Company has traditionally managed. This includes an alleged lack of effort from management to retain the foreign employment insurance contract and recent indications that the company may step away from the compulsory third-party vehicle insurance portfolio as well.
Deputy CEO Damodar Bhandari has also come under scrutiny for his perceived passive role and lack of focus on business growth and safeguarding public investment. The union claims that the overall direction of the company has shifted from expansion and service delivery toward internal maneuvering and personal benefit.
Surendra Thapa, who was appointed CEO during the tenure of then Prime Minister Pushpa Kamal Dahal and Finance Minister Barshaman Pun, has been particularly criticized for decisions that, according to employees, go against the long-term interests of the company.
In its statement, the union has demanded immediate action from the management and the Board of Directors, urging them to investigate and address the alleged misconduct. The employees have also issued a warning that they may resort to protest programs if necessary measures are not taken to protect the institution and its assets.
