The Supreme Court (SC) on Tuesday has asked the government to investigate about the foreign investment of US$ 7.50 million that came for Muktishree Cement owned by Ajeya Raj Sumargi.
A joint bench of Chief Justice (CJ) Cholendra Shumsher Rana and Justice Bam Kumar Shrestha on Tuesday has issued mandamus instructing the government to take appropriate decision by investigating legality of the investment within six months.
"Take appropriate decision about the source of the amount in the bank account of applicant, whether it violates the Anti Money Laundering Act, and action needs to be taken from the bodies concerned or not," the SC verdict reads. "Take appropriate decision about the legality of the amount as the Nepal Rastra Bank's letter shows that money from the applicant's account abroad has come in the name of applicant."
The SC has also revoked Sumargi's writ petition demanding release of the frozen amount and pointed that the amount is already frozen as per a previous SC order.
A joint bench of and Justice Ananda Mohan Bhattarai on January 10 had revoked the interim order given by Justice Deepak Raj Joshi on December 25 allowing promoter Sumargi to withdraw the money from the frozen bank account, and ordered restoration of the amount in the frozen bank account if the amount has already been withdrawn.
Sumargi had completed withdrawal of the US$ 7.50 million from the frozen bank account after Joshi’s interim order on December 25 that allowed withdrawal. But he did not redeposit the amount after CJ Rana and Justice Bhattarai revoked that interim order and ordered restoration of the amount.
The Nepal Rastra Bank (NRB) had frozen US$ 7.50 million out of the US$ 45 million Muktishree Cement received in foreign investment. Sumargi had moved the Apex Court demanding that the frozen amount be released.
Joshi had issued the interim order allowing Sumargi to withdraw the amount without even hearing the arguments of NRB.
Correction: The SC has not endorsed release of the frozen amount as reported earlier.
