List of relevant/dealing officials signatory to the 12 loans

Jigme Namgyal, Jurme Chetsho and Jambay Wangchuk had bought a plot of land at Debsi from Mrs Tshering Dema. However, the ownership of the land could not be transferred from Mrs. Tshering Dema as the National Cadastral Survey was ongoing. 

The land was later sold by Jigme Namgyal, Jurme Chetsho and Jambay Wangchuk in two parts. Mr. Ugyen Wangchuk bought 15 decimals and Mr. Jurmey Chophel & Mr. Ugyen Tenzin bought 30 decimals. The agreement with Mr. Ugyen Wangchuk was executed on 17th February 2012 at the cost of Nu.4,620,000.00 by Mrs. Tshering Dema on their behalf as she was the registered owner of the land.

On the above sale of land, the sale transactions were made from CRSC/2010/84 as follows: 

1. Nu. 2 million was transferred to Mrs. Jurme Chetsho’s loan maintained in the RICBL, 

2. Nu. 2 million was transferred to Mr. Norbu Tashi’s loan account,

3. Nu.423,963.00 was deposited to Jigme Namgyal’s loan Account, 

4. Nu.16,037.00 was deposited to Mrs. Jurme Chetsho’s loan account, and 

5. The balance Nu.180,000.00 was paid in cash. 

The same statement was made as rebuttal submissions to District Court, Thimphu on September 12, 2019 and Mrs. Tshering Dema personally testified for the sale of land. Mr. Ugyen Wangchuk also did not refute and accepted the transactions as genuine and executed as per his verbal authorisation.

The District Court having accepted the rebuttal statement as a genuine transaction didn’t find Jigme Namgyal and Jurme Chetsho accountable for the restitution of the amount to RICB or Mr. Ugyen Wangchuk in the judgement.

Mr. Ugyen Wangchuk approached RIBCL’s Recovery Team on failure to regularize his loan account CRCS/2010/84 and during the discussion, Mr. Ugyen Wangchuk proposed availing a loan of Nu. 2 million in his sister, Ms. Tshering Pem's name, which was to be used as repayments for his defaulted loans. Tshering Pem consented and volunteered to help.

On the advice of the recovery team, the proposal was appraised by the Credit Committee, and the committee approved the loan of Nu. 2 million (Loan Ever-greening) proposed by Tshering Pem as it fulfilled all the requirements. In sanctioning of this new loan, Ugyen Wangchuk furnished additional collateral worth Nu. 3.2 million.

Additionally, it's important to highlight that the loan of Nu. 2 million only benefited Mr. Ugyen Wangchuk and the RICBL. 

It's worth noting that neither Ms. Tshering Pem nor Ugyen Lhamo were summoned to District Court.

Tashi Penjor was called to testify in the District Court regarding the withdrawal of Nu. 186,000/- from Ugyen Wangchuk's Loan Account CRCS/2010/84.

During the hearing and in the presence of the legal representative of RICBL and witnesses, Ugyen Wangchuk confirmed that the amount had indeed been handed over to Mr. Ugyen Wangchuk's wife, Mrs. Karma Choden. The transaction was carried out with his verbal consent through a telephone call since Mr. Ugyen Wangchuk was in eastern Bhutan at the time.

The case summary of the High Court judgment mentions a deposit of Nu. 1 million into Mr. Ugyen Wangchuk's loan account.

Read More on the Transaction involving four employees in the Blog Article. 

Click Here.

Jigme Namgyal joined as a Credit Officer in the year 2007. During the filing of the case, Jigme was serving as Deputy Manager in the Credit and Investment Department.

With the change in the management of RICBL in 2017, Jigme was transferred to the Project Unit under the IT Department. His promotions were withheld. After the show cause notice after the RICBLs appeal to OGZ failed, followed by a Disciplinary Meeting held on Sunday, October 30, 2022, the next day on October 31, 2022, Jigme was suspended pending internal investigation.

Despite completing the internal investigation by an independent committee, the suspension wasn't revoked until one week before the maximum 6 months. The suspension was revoked with conditions that are not in accordance with the Service Rules & Regulations.

Upon joining the office, Jigme was transferred to the General Administration Department with no position. Within a month, Jigme was transferred to the Corporate Strategy and Research Department as a Marketing Officer.

The management then asked all the Marketing Executives to be in the field after Jigme had joined the CRSD, which was nothing but an attempt to keep Jigme away from the office. Jigme then never had to report to the office except for updating the Google Sheet for the clients he visited and marketed.

Feeling harassed and discredited, Jigme tendered his resignation and has recently left for studies in Australia.

"The case was mishandled by the Legal Department, and the Board and the Management was led to believe that all four of us were responsible for the 12 loans and 7 bank guarantees. With their case falling apart, the truth will soon come to light, as I have faith in the Judiciary of Bhutan."

Ugyen Lhamo joined RICBL in 2008 as a Credit Officer. During this time, Ugyen served as Deputy Manager in the Credit and Investment Department.

In 2018, Ugyen was transferred to the Babesa Branch, where she continued to work in the Credit Division. In October 2022, Ugyen was transferred back to the Head Office following a show-cause notice. Just as she was about to join the Head Office, on an unfortunate Sunday, Ugyen was suspended by the Disciplinary Committee. On November 2, 2022, Ugyen received a payment notice for an amount of Nu. 8,532,773.32.

During the suspension period, Ugyen submitted her resignation. Ugyen had merely followed orders of the recovery team for NPL and processed a new loan account of Nu. 2 million in the name of Tshering Pem, which was intended to clear Ugyen Wangchuk's loan overdues. This transaction benefited only Ugyen Wangchuk and RICBL.

However, RICBL denied her resignation. Ugyen Lhamo applied for a student visa to Australia and left for her studies.

Upon the revocation of her suspension, Ugyen's resignation was approved, and she was asked to submit her boarding pass. Ugyen had no idea that she would be asked to reimburse the salary for the period she was not in Bhutan.

"I still cannot believe that RICBL named me to bear 85 lakhs. I was not even called to testify in the District Court, nor was I called to the High Court or Supreme Court. I was shocked when RICBL issued a show-cause notice and a payment order" 

Jurme Chetsho joined RICB as Credit Officer in 2007 and during the case, Jurme was working in the HR Department.

She was in Australia from 2013 - 2015 to pursue MBA under the AusAID scholarship. 

She worked in the Credit Department as Credit Officer from 2007 - 2012. Upon her return from Australia in 2015, she resumed her role in the Credit Department until the beginning of 2016. In March, 2016 she joined the HR Department as the HR Officer until her resignation in 2022. 

However, Jurme is penalised  Nu. 8,532,773.32 for all the loans and bank guarantees availed by Ugyen Wangchuk & Tshering Pem and sanctioned by RICB management from 2010 - 2019.

She resigned from RICB in July 2022 to pursue further studies in Australia. However, her post service benefits are still withheld by RICB.

"We feel that we are made the scapegoats for the lapses of numerous individuals including the management. We were unfairly targeted and harassed".

Tashi Penjor worked as Bank Guarantee - Focal Person and joined RICBL in 2009 as Sr. Assistant II. He completed a Bachelor's Degree at RTC through the Continuing Education Program and earned a Master's in Business Administration from the University of Canberra (RIM Campus). Tashi received fast-track promotions during his tenure at RICBL.

In 2018, during the case, Tashi was transferred to the Babesa Branch as an ADO under the Insurance & PPF Division, and he never signed on any of Ugyen Wangchuk's 12 loans.

Tashi resigned from RICBL on December 12, 2020, to contest in the recently concluded National Council Elections. The show cause notice and the enforcement of the High Court Judgment by RICBL occurred during the campaign period for NC. After the enforcement by RICBL, Tashi was accused of having siphoned 85 Lacs from clients, which has adversely affected his chances of getting elected.

Tashi's retirement benefits are still being withheld.

"When the arrest warrants were issued, I was in a remote village in Mongar campaigning. Upon receiving the news that I was named in the Ugyen Wangchuk case, I left everything aside and risked my life driving day and night to reach the District Court in Thimphu to inform them that I had nothing to do with the case. I have recently been diagnosed with a mental stress disorder for which I am taking medication. I pray and hope that the truth will prevail, and justice will be served."