Business Bhutan - - Money -

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.

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