NIBL won a historical Case worth Rs. 2.4 Billion

Kathmandu,June 9. Nepal Investment Bank has achieved a great success. After 16 months, the bank has won a case worth Rs 2.4 billion. Italy’s Cooperativa Muratori e Cementisti (CMC) has won a contract for Tanahu Hydropower. Chairman of Nepal Investment Bank Prithvi Bahadur Pandey said that they have won the case and got justice.

Nepal Investment Bank had Rs 2.4 billion as a counter guarantee from the number one bank in Italy. After the cancellation of the agreement between the Government of Nepal and the CMC, the Bank of Italy was ready to return the money to us. However, a stay order was issued in an Italian court against the CMC. And it had blocked.

‘We were already convinced that we would win the case’, he said.  But, the stay order issued in that case had aroused some doubt. ‘But we have got justice. We are very happy on it. We will take immediate steps to return the money.’ Pandey expressed his happiness.