| Neural |
Posted
on 15-Aug-03 09:51 PM
[source: kantipuronline.com ; AUG 16]
Owners of the sprawling five-star Fulbari Resort and Spa in Pokhara, and one of Nepals prominent business names, has been black-listed by the Credit Information Bureau (CIB) for failing to pay back huge loans that runs into the billions.
The Fulbari Ltd, which is the holding company for the mega resort in Pokhara, is a subsidiary of Amatya Group, a large industrial and business group. The Fulbari Ltd has to clear over Rs 2 billion loan taken from a consortium consisting Nepal Bank Limited (NBL), Rastriya Banijya Bank, Nepal Industrial Development Corporation and Employees Provident Fund all public enterprises with large government holdings.
As per the request made a few days ago by the NBL, the lead bank in the lending consortium, the CIB blacklisted the Fulbari Ltd, said an NBL source. A letter to this effect was circulated by the CIB to Nepal Rastra Bank and all other commercial banks on Thursday and the blacklist number of the company is 2044.
When contacted, Piyush Bahadur Amatya, who has the largest shareholding in the company, said he had no idea of the developments. "I know nothing about this," he said, declining to comment further.
Amatya, the head of the Amatya Group of Industries, owns 81.11 percent shares in the Fulbari Ltd, followed by Ganga Amatya (11.82 per cent), Sanju Amatya (Rajbandari) (1.83 per cent), Nura Amatya (Shrestha) (0.83 per cent) Suki Amatya (1.83 per cent), Aayush Amatya (1.83 per cent) and Antu Shrestha (0.03 per cent).
Piyush Bahadur Amatya, Ganga Amatya, Sanju Amatya (Rajbandari), Binod Bahadur Amatya and Daman Bahadur Amatya are the board of directors of the company.
In the loan agreement signed between the banks and company, Piyush Bahadur Amatya had pledged his personal guarantee, if the company fails to clear principal as well as interest of the loan investments of the banks.
A consortium led by NBL had extended loans worth Rs 1.28 billion to the Fulbari Ltd to construct a 5-star hotel in Pokhara and the flow of loans had started from October 1994 with a repayment period of seven-year. Except for Rs 2.5 million paid to the bank as a token money in 2001, the company has not made any repayment, said an NBL official requesting anonymity.
Altogether, the company has to pay Rs 2.03 billion, which includes both the principal and interest.
As per the black listing regulation, the blacklisted company and its shareholders are not allowed to make any transaction with any commercial banks functioning inside the country.
Under the same regulation, all other commercial banks, which have extended loans to the companies or any firms associated with the shareholders, need to arrange cent percent loan loss provision, which, according to a bank expert could be around Rs 3 billion.
Since NBL is the largest extender of loans to the company, it has to arrange highest amount under such provision. The bank has to recover Rs 348 million from Everest Brewery and another Rs 270 million from Nepal Steelboth the subsidiaries of the Amatya Group.
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| gunda |
Posted
on 16-Aug-03 01:05 AM
Thanks for posting this... I have been unable to post any of my response to similar threats, so this is welcome oppertunity.
some people have praised Amatya for transplanting Patan in Pokhara and how beautiful it is and how it wil survive an earthquick and Pathan will not, one guy even hinted saying he is a businessman and Nepal needs people like him. All these notion is nothing but bunch of bull. I don't know where these people went to school, but its pity that these people can not distinguish between Patan and upscale private hotel for the upper echelon of the society not for the common people of Nepal.
Just look at the share holders of the company, its all the family member... its the height of deceptions bank sanction robbery. How could a bank approve a loan of such magnitude to a company whose share holders are all the family members? These kind of people are responsible for downfall of our nation and they should be punished. Bank should confiscate Fullbari and their personal assests so that this kind of monkey busines does not happen again.
what have they learned these people don't seem to know the difference
This is hight of deceptions, how could bank sanction Rs. 2 billion loan to firm or whose share holders are all his family.
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| Neural |
Posted
on 16-Aug-03 01:36 AM
gunda ji,
i shud've posted the above news on the thread "AMATYA'S FAILURE RESORT" begun by you few days back and give continuation. I thought of your previous thread a bit late soon after i posted here. Sorry for that.
[http://www.sajha.com/sajha/html/OpenThread.cfm?forum=2&ThreadID=11837]
Yeah, it's amazing to hear about such a huge loan, and furthermore, from board of directors to everyone belong to AMATYA family....... is this AMATYA, the same who owns TOYOTA bzness in NEPAL??
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