Nubri and RICB – Cozy Cozy

Nubri CEO Sonam Tobgay

Ever since our ace sleuth Goodpath probed the Nubri RICB story that was too cozy for comfort, Goodpath’s inbox has been overwhelmed with emails of all sort. Combing through the hundreds of messages from people who obviously have inside information, Goodpath brings to your attention, this follow-up story.

Just between 9 February 2013 and 2 April 2013 (in less than 3 months), RICB borrowed an amount of Nu. 161,409,565.00 from Nubri, roughly at an average interest rate of 9%, for which Nubri pocketed about Nu. 14,526,860.85.

All these borrowings would make it seem that RICB is desperate for cash. RICB borrowed 9 times from Nubri just in the month of March, sometimes multiple times on the same day.

Now this is where it starts getting real murky. On the 8th of July this year, upon announcing the 1 million reward for information on the RICB staff who ran away with 91 million from RICB, CEO Namgyal Lhendup said that although the reward of Nu 1M was a huge amount, it would not affect the clients, shareholders, and creditors, among others. “I assure all our stakeholders that RICBL with a capital fund of Nu 2.3B, we’ve the capacity to recover it,” he said. “Our clients, shareholders, and creditors shouldn’t worry.”

In plain language, he said don’t worry, we have a lot of cash.

If RICB has a lot of cash, then why the hell do they keep on borrowing huge amounts of money from Nubri is all I’m sayin’.

Details of cash borrowed by RICB from Nubri: 

SL DATE AMOUNT INTEREST
1 9-Feb-2013  108,000,000.00 12%
2 13-Mar-2013  6,000,000.00 12%
3 7-Mar-2013  350,000.00 7%
4 7-Mar-2013  730,000.00 7%
5 3-Jul-2013  2,100,000.00 7%
6 13-Mar-2013  2,000,000.00 7%
7 13-Mar-2013  129,565.00 7%
8 22-Mar-2013  11,000,000.00 12%
9 29-Mar-2013  20,000,000.00 12%
10 29-Mar-2013  10,000,000.00 7%
11 2-Apr-2013  1,100,000.00 11%
 Total   161,409,565.00
 Average interest 9%
 Interest earned by Nubri   14,526,860.85

 

 

10 Zing Goodpath
This story from 10 Zing Goodpath

10 Zing Goodpath is our ace sleuth reporter. Feared by all, this former freedom fighter, and now crime fighter writes for our weekly column “The Tibetan”.

Comments

  1. Why couldn’t they borrow from BOB. Maybe YUDEN DEMA from RMA did not allow that!!!!

    • Even after the truth is peeled off and shown to public with date and figure no authorities in Bhutan especially ACC and RAA is starting the investigation. The board is taking advantage of its innocent share holders.

Comment?