Rastriya Beema Company Fails to Act on Nepal Insurance Authority’s Directive

Kathmandu – It has come to light that the government-owned Rastriya Beema Company has failed to act on a directive issued by the Nepal Insurance Authority over four months ago, prohibiting the distribution of dividends and bonuses. The directive was issued by the Authority’s Director, Sushildev Subedi, on Ashoj 13 (September 29, 2024), during the conditional approval of the company’s financial statements for the fiscal year 2074/75.

The 21-point directive, which was registered with the Rastriya Beema Company on Ashoj 14 (September 28, 2024), instructed the company to correct discrepancies in its financial statements, refrain from giving bonuses to employees, and prohibit the distribution of dividends to shareholders. It also called for holding employees involved in financial fraud accountable and taking punitive action against them.

Despite these orders, the company’s board of directors has not taken any steps to implement the directive or hold responsible employees accountable. More than four months have passed since the directive was issued, yet no action has been taken against any employees implicated in the alleged financial irregularities.