Kathmandu, 17 August
The Special Court has ordered the release of former Nepal Insurance Authority chairman and joint secretary Madan Dahal on bail of Rs 1.5 million in a money laundering case.
Dahal appeared before the Special Court and recorded his statement before a bench comprising Justices Narayan Prasad Poudel, Hemanta Rawal and Bidur Koirala ordered his release on bail.
Dahal had been accused of playing a role in the alleged misuse of around Rs 4.27 billion from the funds of Himalayan Life Insurance Company.
The Department of Money Laundering Investigation had accused Dahal of approving repeated investments of a similar nature in the same company and failing to regulate the concentration of investments in the same shares despite the high level of risk.
The department had determined a loss amount of Rs 3.5 billion and sought recovery of half of that amount from Dahal.
