After an eight-year-long court battle, Himalayan Bank Ltd (HBL) and Bank of Kathmandu (BoK) may finally be able to retrieve more than Rs 1.50 billion from China Construction Bank (CCB) in the case of counter guarantee money for Melamchi Drinking Water Project.

“The Zhengzhou Intermediate Court has reverted its earlier decision and ruled in favour of HBL and BoK and ordered CCB to pay over Rs 1.50 billion covered by advance payment guarantee and performance guarantee to the Nepali banks,” informed Gandhi Pandit, senior advocate and lead lawyer for HBL and BoK in the case.

“The decision was taken on Thursday and communicated to us today,” he added.

https://thehimalayantimes.com/business/chinese-court-reverts-decision-on-guarantee-money-in-favour-of-nepali-banks/