Detailed Timeline of Events
Brief Overview: A quick summary about the purpose and layout of this page.
2010:
- 10-Jun-10: Initial loan granted to Ugyen Wangchuk (CRCS/2010/84) - Nu. 3,000,000.00 (Nu. 8,011,732.85 after merging 5 BG's).
2012:
- 12-Feb-12: Second loan issued (PLCONSUMOD/2012/217) - Nu. 3,946,708.60.
- 12-Jun-12: Third loan released (PLCONSUOD1/2012/31) - Nu. 16,500,000.00.
- 12-Dec-12: Fourth loan sanctioned (PLCONSUME1/2012/51) - Nu. 2,000,000.00.
2014:
- 9-Jan-14: Fifth loan disbursed (PLCONSUOD1/2014/244) - Nu. 2,000,000.00.
2015:
- 14-Sep-15: Sixth loan granted (HCLN2/2015/123) - Nu. 10,000,000.00.
- 19-Dec-15: Seventh loan issued (BLTERM1/304) - Nu. 3,300,000.00.
2016:
- 13-Feb-16: Eighth and ninth loans released (CDL1/2016/409 & CRSC1/2016/168) - Nu. 3,000,000.00 & Nu. 5,000,000.00 respectively.
2017:
- 7-Oct-17: Management Committee Meeting - Loan recovery.
- 10-Oct-17: Tenth loan extended (BLOD1/2017/512) - Nu. 7,500,000.00.
2018:
- 25-Mar-18: Eleventh loan issued (CRCS1/2018/371) - Nu. 5,638,069.00.
- 27-Jun-18: RICBL registers case against Ugyen Wangchuk.
- 31-Dec-18: District Court makes its initial judgment.
2019:
- 22-May-19: Twelfth loan granted (BGE/2019/5) - Nu. 4,290,930.30.
- 12-Dec-19: District Court Judgment.
2020:
- February 17: First opening hearing at the High Court.
- 12-Dec-20: Tashi Penjor resigns from RICBL
2021:
- 26-Oct-21: High Court Judgment.
2022:
- 13-Jul-22: Supreme Court Judgment.
- 16-Jul-22: Jurme Chetsho resigns from RICBL
- 22-Jul-22: Appeal to OGZ by RICBL.
- 22-Sep-22: Explanation Letter submitted to RMA.
- 1-Oct-22: Appeal Dismissed by OGZ.
- 3-Oct-22: Four employees informed of the High Court Judgment.
- 3-Oct-22: Show Cause notice issued to Jigme Namgyal, Jurme Chetsho, Ugyen Lhamo, and Tashi Penjor.
- 22-Oct-22: Responses to the Show Cause notice submitted.
- 31-Oct-22: Suspension order for Jigme Namgyal and Ugyen Lhamo.
- 2-Nov-22: Payment notice issued to four employees by RICBL.
2023:
- 13-Jan-23: Last day of Enforcement Date.
- 1-Feb-23: Arrest Warrant issued to the four employees.
- 15-Feb-23: Time Extension for Ugyen Wangchuk by Supreme Court.
- 21-Apr-23: Revocation of suspension for Jigme Namgyal and Ugyen Lhamo
- 9-May-23: Ugyen Lhamo resigns from RICBL
- 08-Aug-23: Letter from Commercial Bench, District Court to Enforcement Department informing on Employees Vs. RICBL
- 22-Aug-23: Payment notice from Enforcement Department within 30 days
- 3-Sep-2023: Jigme Namgyal resigns from RICBL
- 02-Oct-2023: High Court Issues clarification on "relevant employees of the bank" Click Here