Himal Press 
KATHMANDU: At least seven CEOs of micro-insurance and re-insurance companies have been automatically suspended after the Special Government Attorney’s Office filed a money laundering case at the Special Court against tainted businessman Deepak Bhatta, Sulabh Agrawal and dozens of other individuals.
The case, filed on Thursday on the basis of an investigation conducted by the Department of Money Laundering Investigation and the Central Investigation Bureau of Nepal Police, triggered a wave of suspensions across Nepal’s insurance sector. This affected top executives, directors and former regulators allegedly linked to the case.
Those facing automatic suspension include Surendra Thapa, CEO of Nepal Re-Insurance; Upasana Poudel, CEO of Himalayan Re-Insurance; Ram Kumar Yadav, CEO of Liberty Micro Life Insurance; Pratap Man Shrestha, CEO of Crest Micro Insurance; Naresh Kumar Roka, CEO of Protective Micro Insurance; Chirayu Bhandari, CEO of Guardian Micro Life Insurance; and Mrigendra Nath Rimal, CEO of Nepal Micro Insurance.
Sumer Shamser JBR, CEO of Himalayan Investment Banker Ltd; Subhash Kumar Jhunjhunwala, Independent Director of Himalayan Re-insurance Company Ltd; Subash Bahadur Shrestha, CEO of Himalayan Securities Banker Ltd; Subhechha Kharel, Board Director (representing public shareholders) of Himalayan Re-insurance; Manish Kumar, Executive Director of Himalayan Re-insurance Ltd; Deepak Kumar Shrestha, then Executive Director of Himalayan Re-insurance Ltd; and Rajeev More and Amit More, Board Directors of Himalayan Re-insurance Ltd, among others, have also been made defendants.
Under existing laws, individuals named as defendants in cases filed at the Special Court are automatically suspended from their positions pending judicial proceedings. They can return to the office only if they receive legal clearance and obtain approval from both the Nepal Insurance Authority and their respective boards of directors.
According to officials, the investigation has implicated directors and senior management officials of several insurance companies.
Not only the chief executives and officials of public limited companies, but Madan Dahal, former chairperson of the Nepal Insurance Authority (NIA) and currently a joint secretary in the government, has also been suspended after being named in the case. Former NIA Chairperson Sharad Ojha has also been implicated.
In addition to the CEOs, dozens of directors serving on the boards of insurance companies have been suspended following the court filing.
All individuals named in the case are now legally disqualified from holding positions in government bodies as well as companies listed on the Nepal Stock Exchange (Nepse) until the legal process concludes.
