The Nubri Capital case is now in the Supreme Court. The Office of the Attorney General and the Anti-Corruption Commission appealed to the apex court yesterday. The High Court earlier acquitted the former Executive Director and two General Managers of the RICBL accused of irrational investment in Nubri Capital, a fund management company which the OAG said was a failure to declare a conflict of interest, abuse of function, and forgery.
The Office of the Attorney General appealed to the High Court in April.
The OAG also accused the RICBL of bypassing the investment guidelines and investing Nu 100 M in Nubri Capital at an interest rate of nine per cent in February 2013.
After three days, Nubri Capital re-invested Nu 108 M in the RICBL at an interest rate of 11.75 per cent. The OAG stated that this is against the Regulations for the issue of Corporate Bond 2012.
The High Court passed its judgment last month.
The OAG forwarded the case to Thimphu district court in 2019.