Inani becomes a victim of corrupt politicos, bankers and brokers

By Our Reporter

The political leaders and government authorities present a beautiful picture to the foreigners in attracting direct foreign investments in the country, however, the domestic scenario is different. How the investors and industrialists are being exploited and tortured by the corrupt authorities, noted industrialist Brij Gopal Inani is an example.

Is there an investment environment in Nepal, it is a burning question when we go through the struggle story of industrialist Inani.

One time the largest exporter of garments to the USA and also the largest employment provider in the country is now knocking on the door of different government authorities seeking justice.

Inani-owned Mahalaxmi Garments Industries had given collateral of around 18 ropanis of land and buildings situated in Kathmandu against a loan limit worth 330 million rupees to the government-owned the Rastriya Banijya Bank. Recently, the bank officials, under the design of capturing a collateral of 20 aanas (631.64 square meters) of land including buildings in Tahachal, in front of the Grand Hotel, known to be the prime spot in Kathmandu, even by deceiving the bank, under a big setting of some influential power brokers and politicians, are planning to auction the collateral.

Inani's objection is that the Bank officials is trying to deceive the bank by publishing an auction notice from the Debt Recovering Tribunal of the collateral as only 11 aana 1 paisa of land when in fact the total land is of 20 anna including two buildings. The bank has planned to manipulate almost half the area of the expensive land kept as a collateral in the bank. 

Industrialist Inani had filed a complaint to the Nepal Rastra Bank Governor submitting all related documents but no action has been taken by the Governor.

Again, Inani has written another complaint to the Governor of the country’s regulatory body, Nepal Rastra Bank, also sending a copy of the complaint to the Prime Minister, Finance Minister and chiefs of different eight departments in the Nepal Rastra Bank for justice.    

First of all, the Bank, without any specific reason, stopped the industry’s business that was smoothly operating within the loan limit provided, even though the party was paying loan and interests timely. The industry, in the fiscal year before stoppage had exported around 5.2 million US dollars readymade garments and export worth 4.5 million US dollar was in the making in the industry.

After the business was abruptly stopped by the bank, the industry started to face one after another problems as the industry could not export the ready goods resulting in huge loss to the industry.

Although Inani asked many times about the reason for stopping the industry’s business abruptly, the Bank didn’t respond.

Over the years, Inani has been requesting the bank to re-open the business running within the provided limit. There was the possibility for negotiation between Inani and the bank. Instead of negotiation, the bank officials have under a big setting of some influential politicians captured and embezzled the collateral of around 18 ropanis of land with buildings situated in Kathmandu worth more than 1 billion.

The pioneer industry of Nepal exporting garments to the USA was decorated with different prestigious awards including "The International Award Golden America for Quality and Excellence", and "Top Garment Exporter Award", among others.

The Industry had also tried to revive the government- owned Hetauda Textile Industries, which was closed due to poor management. Also, Innani had initiated to establish a garment processing zone in Simara, behind the Birgunj Sugar Mills and also making efforts to operate the Butwal Spinning Mills at full capacity by producing cotton in Nepalgunj with the plan of exporting readymade garments worth 10 trillion rupees by employing 3 to 3.5 million locals within five years.

The very industrialist Inani is suffering from different troubles and hurdles created by the bank officials.

The question is whether Inani will get justice and also the NRB will be able to stop the plan of some bank officials to deceive the Rastriya Banijya Bank by stopping the present auction process!