Redeposit money if Sumargi has already withdrawn: SC

The Supreme Court (SC) has ordered restoration of the money in the frozen bank account of Muktishree Cement if the amount has already been withdrawn.

The written order of the one given on Tuesday by the joint bench of Chief Justice (CJ) Cholendra Shumsher Rana and Justice Ananda Mohan Bhattarai, revoking the interim order given by Justice Deepak Raj Joshi on December 25 allowing promoter of Muktishree Ajeya Raj Sumargi to withdraw the money, that arrived on Thursday has ordered redeposition of the amount to maintain the status quo before that interim order.

Sumargi had completed withdrawal of the US$ 7.50 million from the frozen bank account after Joshi’s interim order on December 25 that allowed withdrawal.

The SC has given the order saying the interim order has not been continued and the dispute as to whether the money Sumargi brought into Nepal has been legally earned has yet to be settled. “Do write to the defendants to keep/ask to keep the disputed amount received by Nepal Investment Bank in the state before that order on December 25 by taking necessary action and processes in accordance to the law as the interim order has not been continued,” the written order reads.

The joint bench of CJ Rana and Justice Bhattarai gave the order after hearing arguments of both the sides on Tuesday as summoned by Joshi’s bench.

The written order instructing to get the amount redeposited has come in the wake of widespread anger at the SC order to revoke the interim order coming only after Sumargi had completed withdrawal.

The Nepal Rastra Bank (NRB) had frozen US$ 7.50 million out of the US$ 45 million Muktishree Cement received in foreign investment. Sumargi had moved the Apex Court demanding that the frozen amount be released.

Joshi had issued the interim order allowing Sumargi to withdraw the amount without even hearing the arguments of NRB.



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