Bank guarantee of two construction companies seized

Bank collateral of two contractors who did not work under Beni-Jomsom-Korla road project of Kaligandaki corridor has been seized. The project has bank guarantee of two construction companies Jagat Prajapati, head of the project, said that Rs.59 million was seized.

A bank deposit of Rs 40 million has been seized from Koshi Papu Gauri Parvati and Koshi & Neupane from Khanti to Jomsom and Rs 19 million from Tamang Gauri Parvati Koshi Neupane JV has been seized. The project has fallen into disrepair as the two contractors whose bail was seized have not been working since December, 2010.

Project Chief Prajapati said that Koshi & Neupan, a construction businessman who had taken charge of the 18-kilometer upgrade and blacktop from Khanti to Jomsom, was writing to the bank to forfeit the bank guarantee as it did not work even after repeated extensions.

The progress of this section contracted at Rs. 260 million is 65 percent. Project Chief Prajapati said that the bank guarantee amount is Out of the contract amount of this vacant section, only 90 million is left.

The Ministry of Physical Infrastructure has given the company a deadline of April to complete the work due to covid.According to the project, the two contractors have been given a deadline of Chait to complete the work from Khalti to Jomsom and Charang to Choser.