4-Point Terms of Reference Finalized for Parliamentary Inquiry Committee on Cooperative Fund Misappropriation
The National Assembly is set to establish a special parliamentary inquiry committee, as per Rule 180 of the 2079 Parliament Regulations, to examine issues concerning financial malpractice in cooperative institutions and the misuse of savings by depositors. The four-point terms of reference (ToR) for this committee include:
1. Regulatory and Institutional Oversight: Study and provide recommendations on the regulation, supervision, and transparency of the legal and institutional framework governing cooperative institutions, along with their financial management.
2. Protection of Depositors' Savings: Investigate measures to safeguard the savings of depositors in troubled cooperative institutions, proposing swift and pragmatic methods for the retrieval of misappropriated savings.
3. Resolution of Cooperative Troubles: Delve into the attempts made by the Government of Nepal, the Cooperative Department, and the Problematic Cooperative Management Committee specified in Schedule-1 of the Public Offering to address the problems encountered by listed cooperative institutions, and provide suggestions, including the process for the protection and retrieval of depositors' savings.
4. Legal Action against Wrongdoers: The utilization of funds deposited in cooperative institutions has sparked concerns, prompting scrutiny in the federal parliament and the public sphere. Allegations of irregularities have been leveled against various levels and entities, including cooperative institutions like Gorkha Media Network Pvt Ltd and other companies or organizations listed in Schedule 2. Questions have arisen regarding the flow of funds, potential unlawful disbursements, and the involvement of individuals in such actions. The need for thorough investigation and recommendations for legal action in accordance with the law has been underscored.
The parliamentary committee will convene to address these concerns and ensure accountability in the cooperative sector, fostering trust and integrity within the financial landscape.
