Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Prabhu Bank has entered a new phase of internal turbulence after one of its board members, Director Suraj Kumar Shrestha, tendered his resignation at a time when the Central Investigation Bureau (CIB) of Nepal Police is actively probing the bank’s senior management over alleged banking offences.
According to Company Secretary Amit Bhandari, Shrestha, who represented the public shareholders on the board, submitted his resignation earlier this week. The bank’s Board of Directors approved his exit during its meeting held on Wednesday.
The resignation comes at a critical moment, as CIB continues its investigation into the bank’s top leadership. Authorities have already taken into custody:
Ashok Sherchan, Chief Executive Officer (CEO)
Maniram Pokharel, Deputy CEO (DCEO)
Ribas Shrestha, Chief Credit Officer (CCO)
Sujit (Sugen) Shakya, Remittance Department Head
These executives are being investigated under allegations linked to serious violations of the Banking Offences and Punishment Act. The probe centers on suspected misuse of authority, irregular financial transactions, and decisions that may have caused substantial losses to the bank.
Shrestha’s resignation, occurring while key executives remain under police investigation, has intensified scrutiny of the bank’s governance structure and raised concerns about oversight practices within one of Nepal’s major commercial banks.
Regulators and industry analysts say the ongoing developments signal a period of heightened uncertainty for Prabhu Bank as the investigation progresses.
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