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House panel will probe cooperatives linked to home minister, others

House panel will probe cooperatives linked to home minister, others
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Back to streets, co-op victims ask coalition to honour past deals

All-powerful commission needed to resolve cooperative crisis

NEPAL Nepali depositors angry, ruined by microcredit

More than 500 Nepali savings cooperatives are in dire straits with US$ 490 million in depositors’ money at risk. The lack of controls and the use of money by promoters to obtain bank loans are blamed. The prime minister promises to intervene, but victims accuse politicians of complicity.

NEPAL Nepali depositors angry, ruined by microcredit

More than 500 Nepali savings cooperatives are in dire straits with US$ 490 million in depositors’ money at risk. The lack of controls and the use of money by promoters to obtain bank loans are blamed. The prime minister promises to intervene, but victims accuse politicians of complicity.

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