SC revokes interim order releasing Sumargi’s frozen money after he completes withdrawal

The Supreme Court (SC) has revoked the interim order given by Supreme Court (SC) Justice Deepak Raj Joshi allowing promoter of Muktishree Cement Ajeya Raj Sumargi to withdraw money after Sumargi completed withdrawal.

Sumargi has already withdrawn the US$ 7.50 million that the Nepal Rastra Bank (NRB) froze stating that the source of the foreign investment has not been revealed after Joshi issued an interim order instructing to not obstruct operation of the bank account in any manner.

A joint bench of Chief Justice Cholendra Shumsher Rana and Justice Ananda Mohan Bhattarai after hearing arguments of both the sides on Tuesday following the summon of Joshi’s bench to present their respective arguments revoked the interim order and instructed for status quo before that interim order.

The NRB had frozen US$ 7.50 million out of the US$ 45 million Muktishree Cement received in foreign investment. Joshi had issued the interim order allowing Sumargi to withdraw the amount without even hearing the arguments of NRB.



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