I would be interested to find out what Sajha Readers think about NRB's recent effort to collect $$ from defaulters. My big concern is does the NRB or the Foreign Missions to Nepal has any legal right to interfere?

?Why only pick on me??
Piyush Bahadur Amatya tops the list of Nepal Bank Limited defaulters. He owes the bank Rs 2.18 billion. The bank?s management had recently requested Kathmandu based foreign missions not to grant Amatya and other defaulters visas. In an interview with Nepali Times, an angry Amatya reacts to the bank?s move.

Nepali Times: What do you say about Nepal Bank Limited?s recent move to request foreign missions not to grant visas to loan defaulters?
Piyush Bahadur Amatya: It?s an unconstitutional move. This shows how foreigners are trampling on the law of the land. In other words, they don?t give a damn about our rules and regulations. If it were not so, they would have never dared to ask the royal palace not to invite them.

But defaulters like you have ruined the bank. What else could it have done?
This move is a part of corruption. International agencies like the World Bank are funding such moves. It?s a well-organised corruption of the World Bank to get our economy in its clutch. But today everyone knows that wherever the World Bank enters, there is corruption.

This is getting vicious. Do you have something personal against the expat consultants managing Nepal Bank?
No, it?s not personal. It is the outcome of immoral people who have ganged up against us.

So, tell us, are you going to back the money you borrowed?
What can I do when the situation is out of my control? When there is war going on, or if there is an earthquake, I can do nothing. Such circumstances can arise anywhere in the world. Nobody is talking about how bad it is for business. Even the World Bank, that claims to be running the country, is ignoring the impact of the crisis on the business.

Some say despite your troubles, you are still living lavishly. Buying new cars and building houses.
Who do you think is spending on new houses and cars? It is the banks which have been lending in non-productive areas like housing and vehicle loans. They have stopped spending in industries that generate employment and benefit the economy.

Does that mean you will never repay the loan?
I have always said that I will repay the loan. But why did they cancel the 12 year rescheduling that the bank had earlier granted to me? Other hotels got the extra time to repay the loans. Soaltee got 17 years to repay its loan. Yak & Yeti got eight years and now Hyatt has 20 years. So, why pick only on me?

What is your next move?
I have challenged the bank?s moves against me in the court. I have filed many cases including defamation. I have been remaining quiet because my cases are still in the court. But, now this is not just against me. The whole business community has been offended. We are going for class litigation now. For that purpose, a cell has been formed at the FNCCI.

I heard PBAmatya tried to commit suicide many times? Is it any true or just another rumor?

"Some say despite your troubles, you are still living lavishly. Buying new cars and building houses.
Who do you think is spending on new houses and cars? It is the banks which have been lending in non-productive areas like housing and vehicle loans. They have stopped spending in industries that generate employment and benefit the economy. "

Hahaha.... is he actually accusing the banks? If he is, i would say deservedly so, but coming from him, whoz actually surviving primarily from borrowed money now, is hilarious. Hamro bank le DINU nachadne, ani usle linu kina chadnu ta :)
Tyaso bhandai 2 billion+ jhuaam parera ajai.... heehhe.. 2 bil re .. babababa.. afno khalti bata futeko kaudi ni rakhena ki ke ho FOOL- BADI banauda:)

MA ni banauna paye hunthio.. Makaibari aka MURKHA-BADI :), especially, if its totally risk free :)... ramro bhaye afnai, bankrupt bhaye bank ko:)
IndisGuise:)

Cannot stop thinking about the business and business men in Nepal.

Look what Golchha did to Nepal ? When he entered Nepal, he had nothing and now he has so many industries providing employment to Nepali people. This is what is called entrepreneurship. And they are called names such as Madishe and people view them as second class citizens...

PBM launched so many companies and most of them borrowed money from the bank, stayed in business until all the money is used and went bankrupt. What is it called ? Legal robbery. I think he and many of his kind should go to jail. Enough is enough..

Saroj

If I were Piyush Amatya's advisor,::

The solution to his problems is easy. rather VERY VERY EASY.... he should shift to become a Maobadi....

if he makes a donation to them, say about 1 crore, who can say a word...

Maybe someday, if the maoists come to power, he even has a chance of being a finance minister or the governer of NRB..... so that, he could then kick out NBL's manager.... hahahha

Solutions are always there in front of you, it's just that you never realise it.

chor sale, arkako paisa le rajai garchha. goes out of business himself and gets other companies go out of business.

"It is the banks which have been lending in non-productive areas like housing and vehicle loans. They have stopped spending in industries that generate employment and benefit the economy. "

Should not Piyush B. Amatya happy with the banks move to fund vehicles loan? Isn't he a MITSUBISHI dealer for Nepal?

did I miss a point here?

i think we are deviating from my question. Does NRB has right to stop Amatya/defaulters from travelling outside the country? Next time a Businessman defaults a loan, should it be a headache for american embassy...??

I personally think likes of Amatya played the game. Its unfortunate but lot of big business play with the system. Before the IRISH managemetn took over, the referee was on players side and now the rules of the game have changed, businessmen are crying foul play.

From my personal business experience, the fulbari resort which is now a 30+ million USD headached was a failed business model from the start. why in the hell, bank approved such a failed project. More than a business it was one business man's crazey dream. A place where there is NO International Airport, hotel with 165+ Deluxe rooms?? Mind you the architecture is great... but who cares about Newari architecture in the laps of the rugged mountains. if he had squeezed his vision perhaps by 70% and used local resources from Pok. region may be the public money would have produced better returns.

My grandfather once told me "ghanti herera had nilnu." Perhaps Mr. Amatya should have followed that philosophy.

Well the damage is done and the bank is about to loose a huge chunk of change. Liquidating his asset or trying to threaten him is NOT the solution. I don't think his house in New Baneshwore is worth 30+ million USD. There needs to be an exit strategies in place.. some of my suggestions are below... if you have more pls feel free to add them, perhaps somebody from amatya enterprise can take into account to save their A$$

Option One:

Turn it into a condo sell it into pieces.

Option two:

Parnter with worlds leading rehabilitation center and turn it into a drug/mental rehabilitation center for businessmen in S and SE ASIA

Option three:

contact some world famous Indian Guru and turn it into a Ashram. The location is very ideal..

Option four: sell it to Indian or Chinese hotel franchise

I say the bank is doing good...... these defaulters should be responsible for the loan they took out......... if they can't pay.......... take out all their teeth and try to sell em' at the market if it can't fetch any money, than send em' to jail for the same amount of money they took out.. only converted to days

खोलाले लगेको ३५ हजारको जग्गलाई ३५ लाख लेर ब्याकंले ३० लाख ऋण दिन्छ।
ब्याकंमा आफ्नो मान्छे हुनुपर्यो ।
अब त्यो पैसा कसरी फर्किन्छ, भन त मित्रहरु?

अमात्यलाई मात्रै किन पक्डिने, हँ?

खुपी छ भने ऋण लिऊ, तिमीहरु पनि । मोज गर। पैसा भएपछि अदालत सदालत सम्बिधान बिधान राजा रजौटा सप्पै भन्दा माथि जान सकिन्छ, यो देशमा।

संसारको १ मात्र कानून बिनाको देश कुन हो?
तिमीहरुलाइ थाहा छैन हझैपनि?







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