Nepali Congress demands return of illegal flow of cooperative fund

Kathmandu, May 22: The Nepali Congress expressed grave concern over the misappropriation of funds deposited by the commoners in financial cooperatives.

Arguing that the cooperatives funds deposited by the common people was transferred to the Gorkha Media Networks Pvt. Limited against the legal provision of limiting credit to its members, the Nepali Congress demanded 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 Cooperatives Act, 2074 and Regulation, 2075.     

He further reminded that only natural person can be a member of the cooperatives and make financial transaction. But, Gorkha Media Network Pvt drew the money against the provision that only member can take loan from the cooperatives.     

Both the owner and chief executive of the cooperatives and chief executive and proprietor of Gorkha Media Network must be booked as per Section 124 of Cooperatives Act, the NC demanded in the press release.     

The cooperatives, which have contributed to elevate socioeconomic status of poor, farmers and marginalized people, is lately defamed by anarchic groups, so anyone- individual or company- involved in such infamy need 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 policy along with disciplined practice of cooperatives for country's overall development. (RSS)