Police overreach? Jyoti Pandey arrest sparks banking revolt
Summary
The arrest of Nepal Investment Mega Bank CEO Jyoti Prakash Pandey over collateral auction linked to Smart Telecom has sparked major concerns among bankers and legal experts over regulatory conflicts and creditor rights in Nepal.
Key Points
- Nepal Investment Mega Bank CEO Jyoti Prakash Pandey was arrested over the auction of collateral linked to defunct Smart Telecom.
- The Central Investigation Bureau alleges NIMB illegally auctioned assets that became government property after telecom licence cancellation.
- The arrest has sparked criticism from banking and legal sectors citing conflicts between Banks and Financial Institutions Act and telecommunications regulations.
- The case highlights a significant legal dispute over creditor rights versus state ownership prioritization following licence expiry.
