Insurance Board sacks ED Aryal

Kathmandu, June 19 – The Insurance Board (IB) on Wednesday sacked its executive director, Binod Aryal, putting to rest scandals of fraud, policy corruption and abuse of position at the insurance sector regulator.

Aryal was removed from the post after he was found guilty of multiple counts of misconduct, said an IB statement issued on Wednesday.

Binod was found guilty of hiding his affiliation with companies that he promoted while applying for the post of IB’s executive director.

''Investigations showed that Binod Aryal was promoting Aryal Construction Trading & Consultancy and Bristi Tours & Travels before and after assuming the post of executive director at the IB'' source said.This act breached terms and conditions of the executive director selection process, which had clearly mentioned that promoters, office-bearers and employees of any firm are not eligible for the post.