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<p><span style="font-size:16px">Following the high court order, the two banks of Nepal are all set to receive more than one and a half billion rupees for the counter guarantee of the project.</span></p>
<p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p>
<p><span style="font-size:16px">“We have received information that we won the court case in China,” said Maskey, adding, “Now we will move ahead to claim the amount.”</span></p>
<p><span style="font-size:16px">BoK and Himalayan Bank had provided counter guarantee of USD 66,25,010 and USD 14,11,453 respectively to China Railway which was assured the bank guarantee for the MWSP by the China Construction Bank.</span></p>
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<p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p>
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<p><span style="font-size:16px">Following the high court order, the two banks of Nepal are all set to receive more than one and a half billion rupees for the counter guarantee of the project.</span></p>
<p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p>
<p><span style="font-size:16px">“We have received information that we won the court case in China,” said Maskey, adding, “Now we will move ahead to claim the amount.”</span></p>
<p><span style="font-size:16px">BoK and Himalayan Bank had provided counter guarantee of USD 66,25,010 and USD 14,11,453 respectively to China Railway which was assured the bank guarantee for the MWSP by the China Construction Bank.</span></p>
<p><span style="font-size:16px">MWSP had terminated the contract with China Railway after it failed to undertake the project as per the agreement. MWSP then filed a case in the Chinese court seeking the guarantee amount. The Chinese court ruled that although the Nepalese banks had provided the guarantee amount to the project, they were yet to receive the counter guarantee amount from the Chinese bank.</span></p>
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<p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p>
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August 3: A Chinese court has ordered a Chinese bank to refund the counter guarantee amount of Bank of Kathmandu (BoK) and Himalayan Bank for the Melamchi Water Supply Project (MWSP).
Following the high court order, the two banks of Nepal are all set to receive more than one and a half billion rupees for the counter guarantee of the project.
CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.
“We have received information that we won the court case in China,” said Maskey, adding, “Now we will move ahead to claim the amount.”
BoK and Himalayan Bank had provided counter guarantee of USD 66,25,010 and USD 14,11,453 respectively to China Railway which was assured the bank guarantee for the MWSP by the China Construction Bank.
MWSP had terminated the contract with China Railway after it failed to undertake the project as per the agreement. MWSP then filed a case in the Chinese court seeking the guarantee amount. The Chinese court ruled that although the Nepalese banks had provided the guarantee amount to the project, they were yet to receive the counter guarantee amount from the Chinese bank.
Earlier, China Railway had pleaded in the court that it the China Construction Company is not liable to pay the counter guarantee amount to the Nepalese banks. The two banks of Nepal then sent their representatives to China and fought a legal battle in the high court. CEO Maskey is hopeful of receiving the amount following the high court verdict.
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<p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p>
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<p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p>
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<p><span style="font-size:16px">Following the high court order, the two banks of Nepal are all set to receive more than one and a half billion rupees for the counter guarantee of the project.</span></p>
<p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p>
<p><span style="font-size:16px">“We have received information that we won the court case in China,” said Maskey, adding, “Now we will move ahead to claim the amount.”</span></p>
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<p><span style="font-size:16px">CEO of BoK Shrawan Maskey confirmed that the Chinese high court ruled in their favour and expressed happiness about the prospect of receiving the money.</span></p>
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