Kathmandu, August 20
Kathmandu District Court has ordered Nepal Investment Mega Bank CEO Jyotiprakash Pandey to be released on Rs 8 million bail in a case related to the auction of Smart Telecom’s collateral.
Nepal Investment Mega Bank CEO Jyoti Prakash Pandey has been released on bail in a case concerning the auction of collateral belonging to Smart Telecom.
A single bench of Kathmandu District Court Judge Kamal Kant Joshi ordered Pandey’s release on Rs 8 million bail following a detention hearing on Thursday.
The order also clears the way for Pandey to return to his regular duties at the bank. Had the court ordered him to be detained, he would have faced the risk of being unable to resume his work.
Pandey was arrested in Sindhuli on May 12. The Supreme Court later ordered his release on a personal recognisance.
A bench of Justices Sharanga Subedi and Shant Singh Thapa ordered his release on May 20 after hearing a habeas corpus petition filed by his family.
The petition, filed by Pandey’s wife, Niru Dahal, had argued that he was being held unlawfully.
Following his release through the habeas corpus proceedings, the government filed a case against Pandey at the Kathmandu District Court. After Thursday’s detention hearing, the court allowed him to remain outside custody while facing the case.
Smart Telecom, which had obtained a basic telephone service licence from the Nepal Telecommunications Authority on April 15, 2013, failed to renew its licence as required.
Under Section 25(5) of the Telecommunications Act, 1997, the company’s licence was automatically revoked on April 16, 2023.
The government subsequently filed charges against Pandey, accusing him of fraud, organised crime and offences under laws governing banks and financial institutions.
The allegations relate to the sale of Smart Telecom’s assets and the recovery of loans. The government has accused those involved of selling the company’s assets without government approval through collusion.
