NIBL receives full amount of bank buarantee from Italian Bank
Kathmandu, 19 June: On 17 June, the Nepal Investment Bank Ltd (NIBL) received the full amount of the bank guarantee amounting to Euro 8.75 million and NPR 850.00 million totaling to NPR 2.0 billion from the Italian bank — Intesa Sanpaolo SPA.
The payment was received after the ruling by a three judge bench of Italian court, Tribunale Di Bologna on 9 June revoking its previous decree issued by a one judge bench which had prevented Intesa to pay the amount to NIBL.
This episode is a positive development in the arena of Nepalese and international banking practices, reinforcing the trust on banking instruments like bank guarantees whereby such a sizable fund could be recuperated back to the country. This is one of the first instances for a bank to have successfully recovered the bank guarantee amount in Nepali banking history till date after successfully challenging the interim order issued at first stage of hearing in the International Court.
The Bank, after receiving the guarantee amount, has issued a press statement extending thanks to the officials in the Ministries such as Finance, Energy, Foreign Affairs, Nepal Rastra Bank, Nepal Electricity Authority, Tanahu Hydro Power Pvt. Ltd and all well-wishers for their continuous support.
People’s News Monitoring Service
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