KATHMANDU: The task force assigned to draft the terms of reference (TOR) for the Parliamentary Investigation Committee, which will probe the misappropriation of cooperative funds, has submitted its report to Prime Minister Pushpa Kamal Dahal Prachanda. The task force members presented the report directly to the Prime Minister.
The task force has reached a consensus on four critical issues within its mandate. These issues pertain to a thorough investigation of the cooperative sector, including assessing the current status of savings protection and devising a process for returning funds to savers.
A comprehensive study will be conducted to propose recommendations addressing the crises within cooperative organizations. This study will examine the legal and institutional frameworks related to the regulation, supervision, and transparency of the financial system.
Strategies will be developed to safeguard the savings of individuals who have invested in troubled cooperative organizations. Additionally, the task force will explore efficient methods to return at-risk and misused savings to their rightful owners promptly.
The efforts of the Government of Nepal Cooperative Department and the Problematic Cooperative Management Committee in resolving issues within cooperatives listed in Schedule-1 will be assessed. This includes evaluating the progress made in protecting and reimbursing savers' deposits and offering immediate improvement suggestions.
Additionally, the task force will scrutinize cooperative companies listed in Schedule 2, especially those brought to attention by federal parliament and public scrutiny, such as Gorkha Media Network Pvt. Ltd. This inquiry will focus on allegations of misappropriation, improper transactions, and potential fund flows to external entities, recommending recovery measures and legal actions against responsible parties if illegal activities are identified.
