Saturday, June 7, 2025
  • Contact Us
  • About BBS
  • Privacy & Policy
ENG
DZO
BBSCL Logo
  • Home
  • Business
  • Politics
  • Sports
  • Education
  • More
    • Announcement
    • Audience Survey Report
    • Programme
    • Radio Dzo-Channel Schedule
    • Radio Mix-Channel Schedule
Radio Live
No Result
View All Result
BBSCL logo
  • Home
  • Business
  • Politics
  • Sports
  • Education
  • More
    • Announcement
    • Audience Survey Report
    • Programme
    • Radio Dzo-Channel Schedule
    • Radio Mix-Channel Schedule
No Result
View All Result
BBSCL logo
Radio LIVE

Unresolved irregularities amounting to more than Nu 294 M from five financial institutions

July 26, 2020
in Uncategorized
Reading Time: 2 mins read
0
0
SHARES
15
VIEWS
Share on FacebookShare on Twitter

Five financial institutions in the country recorded unresolved irregularities amounting to more than Nu 294 M in 2019. The financial institutions are Bank of Bhutan (BoB), Bhutan Development Bank Limited (BDBL), Bhutan National Bank (BNB), National Provident and Pension Fund (NPPF) and Royal Insurance Corporation of Bhutan Limited (RICBL).

The Royal Audit Authority (RAA) reflected these unresolved irregularities in its Annual Audit Report 2019.

With close to Nu 230 M, BNB had the highest unresolved irregularities among the five institutions. The Audit report listed the unresolved irregularities as cases of mismanagement and shortfalls, lapses and deficiencies. The bank had mismanagement case involving Nu 0.154 M where the bank paid this amount as a retirement benefit for six staff who joined the bank with forged documents.

Shortfalls, lapses and deficiencies accounted for Nu 229.75 M. RAA observed that the bank had paid an excess payment of Nu 0.64 M to three companies without execution of work.

The bank’s failure to take actions against defaulted loan accounts resulted in lapses amounting to Nu 3.9 M. The bank had outstanding loans and advances amounting to Nu 223.1 M and unclaimed demand drafts amounting to Nu 2.05 M.

The RAA made 13 observations, which were not resolved as of 31st January 2020.

NPPF recorded unresolved irregularities amounting to Nu 54.4 M of which Nu 0.055 M were resolved as of January 2020. Non-compliance to laws and rules accounted for Nu 5.88 M. NPPF had paid two months’ salary as bonuses to all employees apart from Performance-Based Variable Allowances to 168 staff without approval from the Board.

NPPF also has unclaimed government employee PF funds of Nu 48.5 M as beneficiaries were either expired, did not have the required documents for releasing payments or were not traceable.

BoB’s unresolved irregularities amounted to Nu 10.14 M. Categorised as shortfalls, lapses and deficiencies, the bank had overdue loans amounting to Nu 4.9 M and unclaimed demand drafts amounting to Nu 4.6 M.

The BDBL’s unresolved irregularities listed under the shortfall, lapses and deficiencies category amounts to Nu 0.57 M. The bank had paid the amount as excess payment to a contractor while constructing an office and residential building at Punakha. The report mentions that the bank made the excess payment due to inadequate supervision and improper verification of the contractor’s bill by the concerned site engineer.

The RICBL’s unresolved irregularities are listed as non-compliance to laws and rules and shortfalls, lapses and deficiencies but recorded no monetary amount. The RAA made 20 observations which were not resolved as of 31st January. The RAA found the RICBL had not done land valuation as per approved rate at the time of loan appraisal for 27 account holders. It was also observed that RICBL had not carried out security analysis for clients with multiple loan accounts, which expose the company to higher risks.

Phub Gyem

Previous Post

Hospitality and entertainment guidelines- keeping a check on unjustified expenses

Next Post

MHP and PHPA-I record unresolved irregularities to around Nu 380.6 M in 2019

Next Post
MHP and PHPA-I record unresolved irregularities to around Nu 380.6 M in 2019

MHP and PHPA-I record unresolved irregularities to around Nu 380.6 M in 2019

Towards uninterrupted irrigation water supply, Thanggoo and Wangjokha in Wangdue

Towards uninterrupted irrigation water supply, Thanggoo and Wangjokha in Wangdue

COVID-19 helps local carpenters find employment amid border closure

COVID-19 helps local carpenters find employment amid border closure

Please login to join discussion

RECOMMENDED NEWS

Totsapas- keeping the tradition alive

13 years ago
1
Crematorium in Thimphu unable to abide by COVID Safety Protocols

Crematorium in Thimphu unable to abide by COVID Safety Protocols

4 years ago
13
CNR students develop new food products as part of their academic research

CNR students develop new food products as part of their academic research

3 years ago
9
Home Minister introduces UNTOC in National Council

Home Minister introduces UNTOC in National Council

3 years ago
6

BROWSE BY CATEGORIES

  • Accidents (14)
  • Agriculture (426)
  • Announcement (174)
  • Audience Survey Report (1)
  • Business (744)
  • Crime/Legal (367)
  • Culture (47)
  • Development (51)
  • Disaster (57)
  • Economy (278)
  • Education (413)
  • Entertainment (13)
  • Environment (61)
  • Feature (65)
  • Featured (6)
  • Festival (78)
  • GMC (14)
  • Headlines (9)
  • Health (622)
  • Legal (52)
  • Literature (9)
  • Livestock (75)
  • Media (25)
  • Other Stories (5,574)
  • Politics (419)
  • RCSC (1)
  • Recent stories (5)
  • Religion (45)
  • Sci/Tech (709)
  • Social (516)
  • Sports (449)
  • Technology (190)
  • Tourism (19)
  • Uncategorized (13,866)
  • Video (136)
  • Video Story (249)
  • Wildlife (42)

BROWSE BY TOPICS

Tender Announcement Vacancy Announcement

POPULAR NEWS

  • BPC’s investigation rules out transformer short circuit as Damchhu forest fire cause

    Viral video of Bhutanese man assaulted by locals and police in Jaigaon sparks safety concerns

    0 shares
    Share 0 Tweet 0
  • Gelephu Mindfulness City opens recruitment drive for Bhutanese professionals

    0 shares
    Share 0 Tweet 0
  • Newspaper accuses DPT candidate of political ploy

    0 shares
    Share 0 Tweet 0
  • A centenarian’s recipe to longevity

    0 shares
    Share 0 Tweet 0
  • 40 companies risk closure over failure to submit financial reports

    0 shares
    Share 0 Tweet 0
BBSCL

Bhutan Broadcasting Service (BBS) is Bhutan’s primary national broadcaster, delivering diverse news and entertainment in multiple languages, fostering cultural understanding and public knowledge.

Follow us on social media:

Recent News

  • Phuentshogling Thromde installs reverse vending machine to promote recycling
  • Fixed deposit interest to be taxed at 10% under proposed Income Tax Bill
  • Yonphula Specialised Rehabilitation School to open next month
  • RMA to roll out seven new measures for loan repayment support
  • National Housing Strategy to be ready by September

News Category

  • Accidents
  • Agriculture
  • Announcement
  • Audience Survey Report
  • Business
  • Crime/Legal
  • Culture
  • Development
  • Disaster
  • Economy
  • Education
  • Entertainment
  • Environment
  • Feature
  • Featured
  • Festival
  • GMC
  • Headlines
  • Health
  • Legal
  • Literature
  • Livestock
  • Media
  • Other Stories
  • Politics
  • RCSC
  • Recent stories
  • Religion
  • Sci/Tech
  • Social
  • Sports
  • Technology
  • Tourism
  • Uncategorized
  • Video
  • Video Story
  • Wildlife
  • Contact Us
  • About BBS
  • Privacy & Policy

© 2024 BBSCL. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Business
  • Politics
  • Sports
  • Education
  • More
    • Announcement
    • Audience Survey Report
    • Programme
    • Radio Dzo-Channel Schedule
    • Radio Mix-Channel Schedule

© 2024 BBSCL. All rights reserved.