Nepal Investment Bank Ltd. received full amount of Bank Guarantee from the Italian Bank, Intesa Sanpaolo SPA
Kathmandu, 18 June (2020) - On June 17, 2020, NIBL received the full amount of the bank guarantee amounting to Euro 8.75 million and NPR 850.00 million totaling to NPR 2.0 billion from the Italian bank-Intesa Sanpaolo SPA.
The payment was received after the ruling by a three-judge bench of Italian court, Tribunale Di Bologna on June 9, 2020 revoking its previous decree issued by a single judge bench which had prevented Intesa to pay the amount to NIBL.
This episode is a positive development in the arena of Nepalese and international banking practices, reinforcing the trust on banking instruments like Bank Guarantees whereby such a sizable fund could berecuperated back to the country. This is one of the first instance for a bank to have successfully recovered the Bank Guarantee amount in Nepalese banking history till date after successfully challenging the interim order issued at first stage of hearing in International Court.
NIBL would like to take this opportunity to thank officials from Ministry of Finance, Ministry of Energy, Ministry of Foreign Affairs, Nepal Rastra Bank, Nepal Electricity Authority, Tanahu Hydro Power Pvt. Ltd and all our well-wishers for their continuous support.
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