Himal Press 
KATHMANDU: Former General Secretary of Rastriya Swatantra Party (RSP), Dr Mukul Dhakal, has alleged that RSP President Rabi Lamichhane misused Rs 950 million of cooperative deposits, claiming he has evidence to support this accusation.
“Lamichhane spread a rumor that Nepal doesn’t have laws governing sweat equity. We all believed him, and many media outlets reported accordingly,” Dr Dhakal wrote in a social media post on Sunday. “The fact is, Nepal does have laws governing sweat equity and other similar types of shares.”
According to Dhakal, Section 31 (2) of the prevailing Company Act provides for such arrangements. “For sweat equity shares (shares given/taken in exchange for labor/effort), an agreement must specify how long the person receiving the shares must work or provide service, and how many shares they will receive in return. After submitting this agreement to the Office of the Company Registrar, the Office validates the share distribution accordingly,” he explained.
Dhakal alleged that Lamichhane defrauded a cooperative of Rs 18 million and used that money to purchase shares worth Rs 18 million in Gorkha Media Network. “After purchasing these shares, he notified the Office of the Company Registrar in writing. However, he lied to the media, claiming he had received sweat equity shares and that, due to the absence of relevant laws in Nepal, he had followed prevailing practices.”
He further claimed to have evidence of Lamichhane defrauding Rs 950 million in cooperative deposits, not just the previously reported Rs 20 million.
