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News item 10-6-2010 |
Commercial banks which have
invested millions of rupees
in various factories have
been selling their machinery
at scrap value to recover
their loans after the
promoters fled.
More than
three dozen large scale
industries along the Sunsari-Morang
Industrial Corridor have
been shut down in the last
decade. Banks in Biratnagar
have invested over Rs. 4
billion in these industries.
Now they have started to
sell the equipment and other
assets at scrap value to
recover their investment.
In
the last decade, Ashok
Textiles, Shivalaya Metal,
Shangrila Apparels, JD
Apparels, Star Board, Arun
Steel, Star Textile,
Ganapati Cotton Mill and
others have been closed.
Most of the private banks
have invested in machinery
while Nepal Bank Limited and Rastriya Banijya Bank
financed the land and
buildings of these
industries.
Nepal SBI Bank
that has loaned Rs. 60
million for the machinery of
Ashok Textiles Industries
has started to sell it to
get its money back. .........
Read more about banks taking
action to recover loans
Other banking news and
articles:
80 percent bank loans go to
the private sector
(07-08-2010)
New Plans Of Tourism
Development Bank
(14-03-2010)
Sunrise Bank Ltd
announces it will issue
new shares (09-03-2010)
Siddhartha Bank opens
new branch (29-01-2010)
NMB Bank rejects near to
5000 applications for
shares of the Sunrise
Bank (10-07-2009)
Change in Board of
Directors of NMB bank
ltd (09-04-2009)
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