Phidim, February 12:

The state-owned Agricultural Development Bank Ltd (ADBL) Panchthar branch has reported that a whopping amount of Rs 315.8 million loans that it issued to 34 individuals and companies have turned bad.

Of the total non performing asset(NPA), principal accounts for Rs 207.2 million, while the remaining Rs 108.6 million is accumulated interest for the principal amount, said Ram Narayan Chhetri, ADBL Panchthar branch manager. According to him, the loans disbursed were under agriculture loan for tea cultivation, livestock, agro-industry and business.

Chhetri also disclosed that most of the defaulters are either parliamentarians or district and central committee members of major political parties including Nepali Congress, CPN-UML, Rastriya Prajatantra Party as well as former ministers and business entrepreneurs. According to ADBL, one of the biggest defaulters is former minister Dipak Prakash Baskota, who is currently president of National Association of Cooperatives. Kanchenjungha Tea Estate owned by Baskota has yet to pay back Rs 74.935 million, which has been accumulated since 2044 BS, the bank source said. Pathibhara Tea State owned by Bam Bahadur Yongaya, former DDC chairman and RPP Nepal district leader, has yet to pay Rs 10 million including the interest. Phatlung, Usha Tea Estate and North Nepal Tea Estate including some businessmen of the district are also being blacklisted.

The list of defaulters also include Panchthar’s MPs Dambar Singh Sambahamphe and Basanta Nembang, former DDC president Aaindra Bikram Thamsuhang, RPP Nepal’s vice-chairman Padma Sundar Lawati as well as CPN-UML leaders Thumanath Chapagain and Netra Baskota, NC’s Bhawani Khatiwoda and Teknath Baskota.

All these political figures have yet to pay a huge sum of money that they had taken as loans long ago, Chhetri added.

The bank source further said that ADBL Panchthar is preparing to blacklist the defaulters after they ignored frequent requests and notification of the bank.

The defaulters said they were unable to pay the loans as their companies faced big lossses and the profit earned was far less in comparison to their investment.