This is a story of love spurned. It is also a personal story, so it comes with all the caveats that ought to be expected because of one’s capacity to be less than objective about such matters.
I am not a citizen of Nepal. If I had been, my daughter and I would never have suffered the loss of our home there.
But citizenship apart, Nepal is where my heart lies: I have had a love affair with the country and its people for more than 50 years.
Undeterred by the damage sustained in a brutal divorce and the unmitigated greed and dishonesty of my ex-in-laws, I invested in a 2.4-megawatt hydroelectric project in Jiri.
Imprudently, I took no part in selecting the executive director for the project, even more unwisely, I did not study the loan agreements with the banks providing the non-equity element of the funding.
I complained bitterly when informed that the interest on the bank loan would be 15%, but by then the company was on a tight time schedule to commence work, failing which the license would be revoked.
By this point in the story you are saying, “This man’s improvidence was its own reward.”
My guiding principle for the investment was that if we could demonstrate that a medium-scale industrial enterprise could be funded by foreign direct investment and brought to fruition, that would serve as an object example to encourage other foreign investors to regard Nepal as a worthwhile country into which to invest.
Inevitably, the project encountered problems, but the major source of the problems was the bank and its own appointed structural engineer, whose design was fundamentally flawed. The bank contract excluded vicarious liability for negligence on the part of its appointee.
Ultimately, the project was commissioned and power began to flow to the national grid.
But instead of resolving the earlier problems, we began to suffer a series of financial lesions.
If we generated more power than we had contracted to supply, we were not paid for it, but if we did not meet the target, we were fined.
Next, I learned that even to get the Nepal Electricity Authority to pay the revenue due to us, payment would not be signed off unless the respective NEA official responsible for the payment had first been bribed.
Under the agreement with the banking consortium, the total revenue received from the NEA is paid into an escrow account with the lead bank and the company receives 12% of the revenue, ostensibly to cover operating expenses.
However, 12% does not cover the basic running costs, so consequently the investors have had to keep feeding the company with money just to keep it operating.
Under the terms of the contract with the NEA, we were due for a 20% increase on the tariff owing to us for power generated, but for no reason whatsoever the uplift was not paid. I was informed that three other hydroelectric companies were suffering the same treatment.
When I advised that we sue the NEA under the contract, I was informed that the company had been approached by a “facilitator” who would ensure that we were paid the 20% uplift as well as the accumulated backlog if he was paid an “incentive.” By this time there were only two investors shouldering all the additional expenditure of keeping the company afloat. As one of the two, I refused to contribute to the bribe for the “facilitator.”
Consequently, our company still has not received its 20% uplift.
Significantly, that 20% would have enabled the company to maintain the interest payments to the bank as well as meet its operating costs.
Without the 20% we can neither service the loan nor meet the operating overheads.
Now the bank wants to sequester the company’s assets. Having been largely responsible for the cost overrun, it now wants to take the benefit of its obscene money-grubbing practices.
It does not take rocket science to appreciate that if the operating costs are not met, the power plant will cease to run and the asset will become worthless.
In such circumstances, in any intelligent society, the banks would ensure that the operational costs were covered, so as to maintain the value of the asset. Not, however, the brilliant financial minds behind Nepal’s banking industry.
Hydroelectric power is Nepal’s greatest natural asset. If properly harnessed, it could turn the country into an economic powerhouse, selling electricity to India and China. But the benefit of this industry will be grabbed by large Indian industrialists and China’s Belt and Road neo-colonial activities.
Nepal’s government lacks the expertise – and courage – to negotiate beneficial terms either with China or any of the major Indian industrialists who want to get their hands on the hydropower potential.
The people of Nepal will not benefit from exploitation of their great natural asset but the usurious Nepalese bankers will drown in their ill-gotten gains while some politicians and government officials will doubtless hoard their “incentives” in offshore banks.
Successive Nepalese governments have touted the benefits to foreign direct investors in the hydroelectric field, but in reality only the banks and NEA officials at various levels flourish.
The NEA’s chief executive officer came to that post with an enviable reputation for being incorruptible. One can only surmise that his subordinates are concealing their mendacity.
Nepal is hemorrhaging from corruption. Lunatics like me keep trying to help it to progress, to throw off the stifling cloak of bribery, nepotism and greed that is eating the heart out of this beautiful land and its people like a wasp inside a spider’s nest.
It is a tragic truth that the people you love are the ones who can hurt you most. What is true of people is also true of countries.
——
Asia Times has relaunched on www.asiatimes.com. Download our brand new native App for a sweeping selection of geopolitical and business news from across Asia.
Write more, thats all I have to say. Literally, it seems
as though you relied on the video to make your point. You definitely know what youre talking about, why throw away your intelligence on just
posting videos to your weblog when you could be giving us something enlightening to
read?
My family members every time say that I am killing my time here at net,
except I know I am getting knowledge daily by reading
thes nice posts.
My partner and I stumbled over here different website and thought I might as
well check things out. I like what I see so now i am following you.
Look forward to finding out about your web page
yet again.
Definitely believe that which you stated. Your favorite justification appeared to
be on the net the easiest thing to be aware of.
I say to you, I definitely get annoyed while people think
about worries that they plainly don’t know about. You managed to hit the nail upon the
top and defined out the whole thing without having side effect , people could take a signal.
Will likely be back to get more. Thanks
I have been exploring for a little bit for any high quality articles or weblog posts in this kind of house
. Exploring in Yahoo I eventually stumbled upon this site.
Reading this information So i’m happy to exhibit that I have an incredibly good uncanny
feeling I found out exactly what I needed. I such a lot surely
will make certain to don?t fail to remember this website and provides it a glance regularly.
Just want to say your article is as astounding.
The clarity in your post is just cool and i could assume you’re an expert on this subject.
Well with your permission let me to grab your feed to keep updated with forthcoming post.
Thanks a million and please keep up the rewarding
work.
Exceptional post however I was wanting to know if you could write a
litte more on this topic? I’d be very thankful if you could elaborate a little bit more.
Appreciate it!
Hey there are using Wordpress for your site platform?
I’m new to the blog world but I’m trying to get started and create
my own. Do you need any coding knowledge to make your own blog?
Any help would be really appreciated!
Heya i’m for the primary time here. I came across this board and I to find It really useful & it helped me out much. I hope to provide something back and help others such as you helped me.
You’re so interesting! I don’t believe I have read something like this
before. So great to find somebody with some original thoughts on this subject.
Really.. many thanks for starting this up. This
web site is something that’s needed on the web, someone with a
little originality!
You’re so awesome! I do not believe I’ve truly read anything like that before.
So wonderful to find another person with some original thoughts on this subject matter.
Really.. thank you for starting this up. This website is one thing
that’s needed on the web, someone with some originality!
Great post. I was checking constantly this blog and I’m impressed!
Extremely helpful information specifically the last part :
) I care for such information a lot. I was seeking this particular information for a very long time.
Thank you and best of luck.
What a data of un-ambiguity and preserveness of precious experience concerning unexpected emotions.
Thank you a lot for sharing this with all folks you actually
recognize what you’re speaking approximately! Bookmarked.
Please additionally seek advice from my web site =).
We could have a hyperlink alternate contract among us
I love your blog.. very nice colors & theme. Did you design this website yourself or
did you hire someone to do it for you? Plz respond as I’m
looking to design my own blog and would like to know where u got this from.
thank you
Nice post. I learn something totally new and challenging on websites I
stumbleupon every day. It’s always exciting to read content from other authors and use something from other sites.
Hi there would you mind sharing which blog platform you’re working with?
I’m going to start my own blog soon but I’m having a difficult
time selecting between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your design and style seems
different then most blogs and I’m looking for something unique.
P.S My apologies for getting off-topic but I had to ask!
I think this is among the most important info for me.
And i am glad reading your article. But want to remark
on some general things, The site style is great, the articles is really excellent : D.
Good job, cheers
Hello there! This is my first comment here so I just wanted to give a
quick shout out and tell you I truly enjoy reading your blog posts.
Can you recommend any other blogs/websites/forums that go over
the same topics? Thanks for your time!
I’m gone to tell my little brother, that he should also
go to see this weblog on regular basis to get updated from most recent news.
obviously like your website however you need to check the spelling on quite a few of your posts.
Many of them are rife with spelling problems and I in finding it
very troublesome to tell the reality on the other hand I will certainly come back again.
What’s up mates, its impressive paragraph on the topic of
educationand entirely explained, keep it up all the time.
I was curious if you ever considered changing the layout of your
site? Its very well written; I love what youve got to say.
But maybe you could a little more in the way of content so
people could connect with it better. Youve got an awful lot of text for only having 1 or two images.
Maybe you could space it out better?
Hi to every body, it’s my first pay a visit of this weblog; this web site
includes awesome and genuinely good data in support of visitors.
I am regular reader, how are you everybody? This paragraph
posted at this web page is actually nice.
Oh my goodness! Impressive article dude! Thanks, However I am going through problems with your RSS. I don’t understand the reason why I can’t subscribe to it. Is there anybody having identical RSS problems? Anyone that knows the solution will you kindly respond? Thanks!!
Oh my goodness! Amazing article dude! Thank you, However I am going through problems with your RSS. I don’t know the reason why I can’t subscribe to it. Is there anybody getting identical RSS issues? Anyone that knows the answer will you kindly respond? Thanks!!
You can definitely see your skills within the work you
write. The sector hopes for more passionate writers such as you who aren’t afraid to say
how they believe. Always follow your heart.
What’s up to every one, as I am really eager of reading this website’s post to be
updated regularly. It includes pleasant material.
It is appropriate time to make some plans for the future and it’s
time to be happy. I have read this post and if I could I
wish to suggest you few interesting things or suggestions.
Maybe you could write next articles referring to this article.
I wish to read more things about it!