… and refund him the remaining

Staff reporter

Phajo Nidup, who has been embroiled in multiple court cases in connection to alleged fraudulent loans, appealed on March 6 to auction off all his seized properties, seize the remaining, and recover the amount he was asked to repay the banks and plaintiffs.

The appeal letter to the special bench at the Supreme Court,  set up to hear Phajo Nidup’s more than 80 cases, states that he was asked to repay Nu 1.568 billion by the Paro, Chukha, Ha and Phuentsholing where some of his cases were registered.

Attached with the appeal letter are the list of properties – land, buildings and businesses.  The properties, according to Phajo Nidup are valued at Nu 7.827 billion if sold at the current market value. According to the property list submitted to the court, Phajo Nidup owns about 48 acres of land registered in his name located in Phuentsholing thromde, Pasakha, Kabrator, Tooribari, Pachu, Tsimasham in Chukha, measuring between 13 and  600 decimals.

In Thimphu, he owns land in the thromde and Kabesa not registered in his name. Phajo Nidup said that the land registered in the names of 41 people were sold to him and were pending transfer of ownership. He said he got “statements” from all the 41 people to let the court auction the land.

Phajo Nidup also appealed to the court to provide him with the remaining amount from the sale of his properties and after repaying the loans and plaintiffs. The letter also requested the court to consider the possibility of providing verdicts for all his cases from the special bench in Thimphu.

“I am ready to serve any sentence the courts pronounce,” said  Phajo Nidup.  Asked how he acquired the properties, Phajo Nidup said he invested in land from the money he made from his transportation business  (transporting coal from SMCL and boulder to Bangladesh) besides taking loans from the banks.

Meanwhile, he is awaiting the verdict on his loan cases.