As a concerned citizen of Nepal, I wish to bring attention to certain aspects of Corporate Development Bank (CORBL) that merit careful consideration. While I am not providing financial advice or acting as an investor, I believe these concerns deserve further scrutiny.
1) Allegations Against Board Members:
Some members of CORBL’s board, notably the Ansari brothers, face troubling accusations. The composition of the board, primarily consisting of family and friends, raises questions about the following issues:
a. Tax Evasion: Basruddin Ansari is alleged to have evaded a substantial amount, approximately 90 million NRS, in taxes. This prompts concerns about ethical conduct and financial transparency.
b. Underworld Connections: Basruddin Ansari’s alleged ties to Dawood Ibrahim intensify worries about potential involvement in illegal activities, posing a risk to the bank’s reputation.
a. Outdated and Unprofessional: Even though the company is worth 186 crore(approx), the website exhibits poor design, broken links, outdated information, and a lack of transparency, casting doubt on professionalism and commitment to user experience.
b. Limited Reach: With only four branches concentrated in Birgunj, CORBL has a notably smaller footprint than other banks, potentially impeding growth and market penetration.
While these issues do not conclusively prove wrongdoing, they collectively present a troubling image of CORBL. I encourage investors and stakeholders to conduct thorough research and seek professional advice before making any decisions.
Disclaimer: This report is for informational purposes only and does not constitute financial advice. It relies on publicly available information and does not claim to possess conclusive evidence for all allegations.