Fiscal Nepal
First Business News Portal in English from Nepal
Insurance ceo
KATHMANDU: A major money laundering case filed by the Department of Money Laundering Investigation has led to the suspension of several top executives and directors associated with Nepal’s insurance and reinsurance sector, triggering governance concerns across listed companies.
Following the registration of the case at the Special Court, chief executive officers of more than half a dozen insurance and reinsurance companies have automatically been suspended from their positions pending legal proceedings.
Among those affected are Surendra Thapa, Chief Executive Officer of Nepal Reinsurance Company, and Upasana Poudel of Himalayan Reinsurance Limited.
Also losing their positions are Ram Kumar Yadav, Pratapman Shrestha, Naresh Kumar Roka, Chirayu Bhandari, and Mrigendra Nath Rimal.
According to the charge sheet, the alleged financial crime network involving businessmen Deepak Bhatt and Sulabh Agrawal has drawn in senior executives and board members from several established insurance companies.
The case has also affected former Insurance Authority Chairman Madan Dahal, who currently serves as a joint secretary in the government. Former chairman Sharad Ojha has also been named in the investigation.
Under prevailing legal provisions, individuals facing such charges are automatically suspended from their positions. They may only return to office if they are cleared by the courts and subsequently approved by regulators and the respective companies’ boards.
The case has further placed dozens of directors of insurance companies under suspension, creating uncertainty in the management and governance of several firms, including companies listed on the Nepal Stock Exchange.
The development is being viewed as one of the most significant corporate governance crises to hit Nepal’s insurance sector in recent years, with potential implications for regulatory oversight, investor confidence, and board accountability.
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