Accountability at the top, competitive salaries

The high-profile case of Phajo Nidup, accused of embezzling around Nu 1 billion is historic case of a massive fraudulent practice in the country. The verdicts, while punishing the accused and also junior and mid-level officials who accepted bribes, have fallen short in holding the top leadership at these organizations responsible. In cases of such massive institutional failures, there should be specific legal and moral accountabilities imposed on the Board of Directors, Chief Executive Officers, Thrompon (Mayor), and other senior executives who derive substantial privileges and decision-making powers under their leadership and should have instituted better measures to prevent such massive fraud as this is not the first time our banks have failed. Punitive actions, such as hefty fines, dismissals, or even criminal prosecution, must be taken against those at the helm who failed to implement robust governance mechanisms to detect and prevent such large-scale corruption and financial misconduct. The less fortunate like farmers and unemployed youth have almost no access to financial services such as loans, Banks have been generous to those rich and who have wealth and properties.

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