Ex-NEA chief Yadav freed on bail

KATHMANDU: 

Former managing director of Nepal Electricity Authority Rameshwor Yadav, who was detained last year on charge of embezzling millions of rupees while purchasing transformers, was released on bail today.

After Nepal Bangaladesh Bank agreed to stand guarantee for Rs 11.5 million, the bail amount determined by the Supreme Court, the Special Court released Yadav today. 

The apex court had set Rs 11.5 million bail, earlier Rs 40 million set by the Special Court, on July 13. 

Natibabu Lamichhane, Registrar, Special Court, said that the NBB granted surety for Yadav’s release after the accused mortgaged his house located at Subidhanagar. 

Yadav was sent to jail after he failed to post Rs 40 million bail as demanded by the Special Court last year. 

The anti-graft body had arrested Yadav and nine other top Nepal Electricity Authority officials on charge of embezzling Rs 1.75 billion while purchasing transformers from a Chinese company.

The CIAA had accused them of purchasing sub-standard transformers from China-based Hubei Sunlight Electric Company between 2010 and 2012.

Source : The Himalayan Times