{"id":306300,"date":"2026-07-09T15:25:47","date_gmt":"2026-07-09T09:40:47","guid":{"rendered":"https:\/\/insurancekhabar.com\/?p=306300"},"modified":"2026-07-09T15:30:04","modified_gmt":"2026-07-09T09:45:04","slug":"former-chairman-of-insurance-authority-of-nepal-iba-dahal-subedi-who-was-forced-to-abscond-got-immunity-after-being-forced-to-buy-nepal-rico-shares-2","status":"publish","type":"post","link":"https:\/\/english.insurancekhabar.com\/former-chairman-of-insurance-authority-of-nepal-iba-dahal-subedi-who-was-forced-to-abscond-got-immunity-after-being-forced-to-buy-nepal-rico-shares-2\/","title":{"rendered":"Former Chairman of Insurance Authority of Nepal (IBA) Dahal, Subedi, who was forced to abscond, got immunity after being forced to buy Nepal RICO shares?"},"content":{"rendered":"<p>Kathmandu. Former chairman of Nepal Insurance Authority (NEA) Madan Dahal, who is currently absconding after being accused of corruption, was involved in the purchase of shares of Nepal Reinsurance Company by the promoters of Himalayan Life Insurance. <\/p>\n<p>Former chairman Dahal has given approval to invest in the initial shares of the insurer against the previous approval of the Insurance Authority of Nepal (NEA) to buy shares other than the licensed insurer. While granting the approval, he had set a limit to invest in ordinary shares within the previous limit of Rs 2 billion. <\/p>\n<p>The then chairman of the company, Surya Prasad Silwal, had given permission to Himalayan Life Insurance to invest Rs 2 billion in the share market. Soon after, he was indicted at the Special Court by the Commission for Investigation of Abuse of Authority (CIAA) on a serious charge of corruption and was relieved of his post on December 10, 2081. Less than three months after he was relieved of his post, he was acquitted by the Special Court on March 3, 2081. Later, the CIAA has again appealed against the verdict of the Special Court on December 1, 2081. <\/p>\n<p><span style=\"color: #0000ff\"><strong>Background of Share Purchase Approval {<\/strong><\/span><\/p>\n<p>Himalayan Life Insurance had sought approval through a letter dated September 23, 2081. The then chairman of the Insurance Authority, Silwal, gave high priority to the demands of Himalayan Life Insurance and asked them to issue comments, decisions and approval letters on the same day. However, he included a restrictive clause in the approval letter, &#8220;You cannot invest in buying shares of an insurer licensed by the Nepal Insurance Authority.&#8221; Silwal was relieved of his post on December 10 on a corruption charge. <\/p>\n<p><span style=\"color: #0000ff\"><strong>Where&#8217;s the bullying? <\/strong><\/span><\/p>\n<p>In another letter dated December 28, 2081, Himalayan Life Insurance sought approval to invest 1 million units of shares of Nepal Reinsurance Company in its general public shares. Ten days after the receipt of the company&#8217;s letter, on January 9, 2081, the authority removed the condition in point no. 4 of the approval issued from the comment dated October 24, 2081 and opened the way for purchase of ordinary shares of Nepal Reinsurance Company from the secondary market. <\/p>\n<p>Chairman Dahal was at the time of issuing the approval and the then director Sushil Dev Subedi, who is currently the Managing Director of NEA, had recommended for approval in the office note. Dahal and Subedi colluded with Silwal to stay within the investment limit of Rs 2 billion. <\/p>\n<p>On February 7, 2081, Himalayan Life Insurance sought approval from NEA to buy 2 million units of public shares of Nepal Reinsurance Company (NBIN). On February 14, 2081, the NRA gave approval citing the contents of the letter dated Poush 24, 2081. This time, the opinion of the legal branch has been included before making the decision. The legal branch suggested that the approval should be given without contradicting the provisions of the Insurance Act. <\/p>\n<p><span style=\"color: #0000ff\"><strong>Drain of Share Purchase Approval{<\/strong><\/span><\/p>\n<p>}<\/p>\n<ul>\n<li> On September 26, 2081, Himalayan Life sought approval to invest Rs 2 billion in the stock market<\/li>\n<p>}<\/p>\n<p>On September 2, 2081, the Insurance Authority approved an investment of Rs. 2 billion<\/li>\n<\/p>\n<p>}TAG_OPEN_li_63<\/p>\n<p>Himalayan Life Plans to Purchase 1 Million Units of Public Shares of Nepal Reinsurance on November 30, 2081 <\/li>\n<\/p>\n<p>TAG_OPEN_li_62<\/p>\n<li> On December 24, 2081, the then chairman Silwal was relieved of his position on corruption charges<\/li>\n<li> Dahal appointed as the Chairman of Insurance Authority on December 28, 2081 <\/li>\n<li>} Seeking Investment Approval in Public Shares of Nepal Reinsurance by Himalayan Life on 14th December 2081<\/li>\n<li> On January 10, 2081, the Insurance Authority approved the investment of 1 million units of ordinary shares of Nepal Reinsurance Company <\/li>\n<p>}<\/p>\n<li> Decision of the Committee for the promotion of Sushil Dev Subedi to the post of Executive Director on February 23, 2081<\/li>\n<p>}<\/p>\n<p>TAG_OPEN_li_56 Himalayan Life has applied for purchase of additional 2 million units of ordinary shares of Nepal Reinsurance Company on February 7, 2081 <\/li>\n<\/p>\n<p>}<\/p>\n<li> Chairman Dahal approves purchase of additional 2 million units of shares on February 17, 2081 on the recommendation of Director Subedi <\/li>\n<p>}<\/p>\n<li> On 12th February 2081, Chairman Dahal relieved of the responsibility of the Authority<\/li>\n<p>}<\/p>\n<\/ul>\n<p><span style=\"color: #0000ff\"><strong>Role of Executive Director Subedi<\/strong><\/span><\/p>\n<p>}<\/p>\n<p>Another interesting aspect is that the then director Sushil Dev Subedi had recommended to approve the investment in the initial shares of the insurer against the recommendation made by him himself during Silwal&#8217;s tenure. <\/p>\n<p>Earlier, on September 26, 2081, the government had agreed to invest Rs 2 billion in the share market with a condition that no insurer would invest in the purchase of shares. Subedi was fully aware of the conditions stipulated in the approval for the investment of Rs 2 billion. <\/p>\n<p>The Insurance Authority was aware that Himalayan Life Insurance Company had continuously bought the ordinary shares of Nepal Reinsurance Company and started manipulating the share market. It was reported that the promoters of Himalayan Life Insurance, which invested in Himalayan Reinsurance, have also started selling shares in Nepal Reinsurance Company. Subedi was not unaware of all these issues. <\/p>\n<p>The agreement has been signed by the then assistant director Anish Timilsina, deputy director Birodh Wagle and director Sushil Dev Subedi for the purchase of Rs 2 billion in the share market and permission to buy 1 million and 2 million units of shares in Nepal Reinsurance Company respectively. <\/p>\n<p><span style=\"color: #0000ff\">What was the gist of Dahal&#8217;TAG_OPEN_strong_49 s statement? <\/strong><\/span><\/p>\n<p>In his statement to the Department of Money Laundering Investigation on April 22, 2008, accused Madan Dahal has stated that he had given permission to purchase the money within the limit of Rs 2 billion set during the tenure of former chairman Silwal. He has argued that he did not take any new decision contrary to the decision taken on September 25, 2081 or to go beyond that decision. Dahal had served as the chairman of the party from December 28, 2081 to Falgun 22, 2081.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kathmandu. Former chairman of Nepal Insurance Authority (NEA) Madan Dahal, who is currently absconding after being accused of corruption, was involved in the purchase of shares of Nepal Reinsurance Company by the promoters of Himalayan Life Insurance. Former chairman Dahal has given approval to invest in the initial shares of the insurer against the previous [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":306277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45067,45159,45099,45102],"tags":[],"class_list":["post-306300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-important-en","category-news-en","category-regulatory-en","category-reinsurance-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=306300"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306300\/revisions"}],"predecessor-version":[{"id":306301,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306300\/revisions\/306301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/306277"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=306300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=306300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=306300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}