Controversy Surrounds CARE Ratings Nepal as License Suspension Looms

CARE Ratings Nepal Limited (CRNL) has been notified by the Securities Board of Nepal (SEBON) that the action process, which was initiated based on a request for explanation made five and a half months ago, is currently underway. The SEBON’s Board of Directors (BODs) had requested an explanation from CARE Ratings Nepal during their meeting on 24th Poush, 2079, regarding why their license should not be suspended. As CARE Ratings Nepal did not respond to the request, the process of suspending their license was initiated. The suspension was prompted by allegations of providing a credit rating to Ghorahi Cement in a situation involving a conflict of interest.