Briefs (Spotlight Weekly)

King Gyanendra visits Birendra army School in Bhaktapur

CHIEF OF THE ARMY STAFF, ROYAL NEPALESE ARMY (RNA) General Pyara Jung Thapa and Lieutenant General Chitra Bahadur Gurung, left for China on Sunday (June 13) at the invitation of the People’s Liberation Army. During their visit, General Thapa will meet General Cao Gangchuan, vice chairman of central military commission and Chief of General Staff General Lianga Guanglie.

JUDICIAL COMMISSION HAS FORMED A high-level three-member committee led by Supreme Court judge Min Bahadur Rayamajhi to prepare a study report on controversial drug case in the court. The committee has been asked to present its report within two weeks. The committee was formed in view of controversy surrounding the recent acquittal of alleged British drug trafficker Gordon Williams Robinson by the Supreme Court. The apex court has also given a green signal to study the case. Meanwhile, the Supreme Court has written a letter to the Royal Palace detailing the existing constitutional and legal provisions to penalize wrong-doing judges. The letter was in a reply to the Palace’s inquiry in the same subject.

THE LOAN RECOVERY TRIBUNAL HAS ORDERED 20 companies to immediately pay their bank loans. The tribunal had been formed 11 months ago to decide on the huge amount of defaults that were bleeding the commercial banks. In this period, 18 banks and financial companies had registered 73 cases at the tribunal. Till now, the tribunal has ordered defaulters to pay Rs 137.9 million to the banks. The government had formed the tribunal as over 33 percent of bank loans had turned into bad debt jeopardizing their survival. “Up to now, the banks and financial companies have registered various cases demanding the payment of over Rs 704 million. We have already given our decision ordering defaulters to pay Rs 137.9 till now,” said Shri Krishna Bhattarai, registrar at the tribunal.

THE EUROPEAN UNION AND BRITISH EMBASSY, issuing separate statements, have welcomed Prime Minister Sher Bahadur Deuba’s appointment and requested him to form an all-party government to end the current political crisis and resolve the Maoist conflict. The heads of mission of EU based in Kathmandu considered Deuba’s appointment to be a positive step at resolving the constitutional crisis and extended their best regards to him for forming a ‘broad enough based government in which the main political parties will accept to take part in order to terminate the serious political crisis.” The EU also noted with satisfaction the priorities Deuba had retained in his first declaration: resuming a dialogue with the Maoists for return to a ceasefire and preparing for general elections to be held, said the statement. Similarly, the British ambassador to Nepal, Keith Bloomfield, called on PM Deuba on Tuesday (June 8) to deliver a message from the Secretary of State of Foreign and Commonwealth affairs, Jack Straw, who welcomed Deuba’s intention to work with other political parties to end the long-running political impasse and form a multi-party government. He also welcomed Deuba for his determination to re-launch a peace process with the Maoists. He also urged the parties t use this opportunity to join the Deuba government in a ‘representative and accountable’ government, and to present a ‘united front against the unacceptable Maoist violence’. “The UK and international community stands ready to support the effort to reach a lasting peaceful resolution to the conflict,” stated the statement issued by the British embassy.

THE CHAIRMAN OF NATIONAL HUMAN Rights Commission (NHRC) Nayan Bahadur Khatri has sent a letter to Prime Minister Sher Bahadur Deuba complaining that the Royal Nepalese Army (RNA) did not allow its officials to visit Bhairab Nath Gana (barrack) where they had gone to inquire about the illegal detention of Krishna KC as per the Supreme Court order. Khatri urged PM Deuba to allow the commission to inspect army barracks or detention centers without any condition.

SURPRISINGLY, THE TOTAL CONVERTIBLE FOREIGN exchange earning from the tourism sector in 2003 has doubled compared to the year 2002. According to Nepal Rastra Bank (NRB), the country earned foreign exchange worth Rs 14.56 billion in 2003, which is more by 82.45 percent compared to 2002. Per tourist contribution, too, has increased in the year reaching to US$ 740 compared to US$ 512 in 2002.

THE ONGOING CONFLICT IN THE COUNTRY has cost the country over Rs 66.2 billion along with incalculable human loss and social upheaval. The conflict has resulted in the lowering of GDP of the country by 1.25 percent annually. According to a report by an economist Bharat Pokharel presented at a program organized jointly by Nepal Foundation for Advances Studies (NEFAS) and UN Information Center (UNIC), the country has lost 15.4 percent of its GDP in the last seven years due to conflict.

DESPITE A SERIES OF POLITICAL UNREST and disturbances, relative growth in the securities market shows a sign of relief to the economy because of the growth in public issue offerings by over 37 percent during the first 10 months of current fiscal year compared to the same period last year. During the period, Securities Board, Nepal (SEBO) – a regulatory authority to oversee the securities market – permitted nine different companies to go public with shares worth Rs 782 million. While it had allowed 13 companies for public offerings of shares worth Rs 569.24 last year. SEBO Chairman Deepak Raj Kafle has also disclosed that public offerings valued at Rs 864.41 million are in the pipeline. As of mid-April 2004, the number of listed companies for regular stock trading at the Nepal Stock Exchange (NEPSE) has reached 114. Likewise, the total market capitalization of the listed shares till mid-April 2004 has also increased and touched Rs 37.85 billion from last year’s Rs 34.5 billion capitalization. From the listed companies, shares worth Rs 1.74 billion were traded during the first 10 months of the current fiscal year, while shares valued only Rs 457.76 million were traded last year.