OPCMC says it has returned over Rs 836m to depositors

KATHMANDU: Office of the Problematic Cooperative Management Committee (OPCMC) has rejected what it calls 'malicious propaganda' circulating in the media and urged depositors not to rely on rumours. It said it is actively working to return savings to victimised depositors of 23 government‑declared problematic cooperatives.

In a press statement, the committee said claims that the OPCMC collected a 10% fee from reconciliation amounts are false. It said the 10% is deposited by depositors themselves into the accounts of the respective cooperatives and is used solely to return savings to depositors whose accounts have not yet been reconciled. The committee added that the money has not been spent on other purposes and will not be so spent in future.

The OPCMC also denied that any loan or liability has been settled through third‑party land reconciliation to date.

The statement set out the committee’s progress on repayments. From its establishment until mid‑July of fiscal year 2023/24, the OPCMC said it had returned or reconciled approximately Rs 836,520,874 over about six years. By mid‑July of fiscal year 2024/25, the committee said full claim amounts for 3,689 claimants had been settled. It added that processes are underway to partially refund Rs 358,208,128 to 56,106 depositors who made claims in the first phase, and that Rs 32,984,780 has been distributed in cash through banks as savings reconciliation and pro‑rata distribution.

On enforcement, the committee said it has frozen the movable and immovable assets of all directors, managers and members of the Account Committee, and the bank accounts and assets of 11,000 debtors with outstanding loans. The freezing of accounts and assets of remaining debtors is continuing.

The OPCMC announced that, effective from November 12, 2025, reconciliation work for debtors and depositors has been suspended except for reconciliation of an individual’s own savings and mutual reconciliation within immediate family members.

Responding to protests organised by the National Campaign for Cooperative Depositor Protection, the committee appealed for the withdrawal of demonstrations, strikes and protest programmes, and urged campaign and victim representatives to hold discussions with the relevant ministry and OPCMC officials to seek solutions for recovering loans and to expedite action against those alleged to be involved in embezzlement and misuse.