The Supreme Court (SC) on Tuesday issued an interim order directing Nepal Rastra Bank (NRB) and Nepal Investment Bank (NIB) to release Rs 2.14 billion remitted for Nepal Satellite Company owned by businessman Ajeya Raj Sumargi.

Responding to a writ filed on Sunday, a single bench of Justice Tej Bahadur KC issued the interim order after petitioner’s lawyers put forth their arguments.

The SC has decided to summon both the sides for a detailed discussion on the issue on February 14.

Senior advocate Ram Narayan Bidari, Raghavlal Badhya including Nepal Bar Association (NBA) President Sher Bahadur KC and advocate Hari Phuyal, among other attorneys, spoke during today’s hearing.

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Earlier, Sumargi had held consultation with political parties to get approval from NRB to bring in around Rs11 billion from abroad. The NRB had been saying that it would provide clearance only if Sumargi produced documents sought by the central bank.

Sumargi, who owns Muktishree Group, has been struggling to get clearance from the NRB for the past three years.  

NRB  has frozen over Rs3 billion that Sumargi brought from the British Virgin Islands stating that it did not follow the due procedure as per the Foreign Exchange Regulation Act and also stopped him from bringing in an additional Rs8 billion from abroad.

The Department of Money Laundering Investigation has also been investigating Sumargi’s investment plan in suspicion of black money and financial risks the planned loan from foreign countries for Sumargi’s company carries.

The NRB on August 5, 2015, had asked Muktishree Group for the reason behind borrowing loans from abroad, the basis for repayment, areas where the loan will be utilised, foreign exchange risk and submit details about the company that is providing loan, along with the repayment timetable.