RICBL’S IRRATIONAL INVESTMENT BEING REVIEWED
An irrational investment case of about
Nu 30mn made by the Royal Insurance Corporation of Bhutan Limited (RICBL) is being reviewed by the Office of the Attorney General (OAG).
The RICBL management reportedly made the alleged investment in Sherub Reldri Higher Secondary School of Monggar in 2016 and helped the school’s proprietor to liquidate the loan with the Bhutan National Bank.
The case was forwarded to OAG by the Anti-Corruption Commission (ACC) with alleged involvement of seven current and former company officials.
The former Executive Director of RICB is reportedly charged for commission amounting to an abuse of functions under the AntiCorruption Act of Bhutan. Six other officials including the former Chief Executive Officer and a former Deputy Manager are charged for omission amounting to the abuse of functions under the Anti-Corruption Act of Bhutan.