KATHMANDU, July 21: Securities Board of Nepal (SEBON) has granted broker license to 11 more companies. SEBON has said that one company has obtained a broker license along with a Stock Dealers license.
Uttara Finance & Investments Ltd: BB probe reveals Tk 5,100cr scam
Irregularities done by board, management in loan disbursement and mobilisation of deposits
When one applies for a loan from any financial institution, the lender has to make sure that the loan application goes through at least five layers of scrutiny.
But Uttara Finance and Investment Ltd (UFIL), a non-bank financial institution, has not followed any of the procedures in disbursing a huge amount of loans.
For instance, it gave Tk 336 crore loans to Uttara Motors and other concerns of Uttara Group without any credit proposals, breaching the banking rules.
The loans were not shown in the UFIL s annual report and the financial balance sheet to dodge both its stakeholders and Bangladesh Bank, a central bank probe has found.