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No confidence in Gang-Jong Finance’s future, says Sikyong Penpa Tsering

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Screen grab of Sikyong Penpa Tsering during the parliamentary session.

By Tenzin Dharpo

DHARAMSHALA, Mar. 16: The future of Gang-Jong Development Finance Private Ltd. under the Central Tibetan Administration’s Finance Dept. became a hotly debated issue during the ongoing session of the Tibetan Parliament in Exile. Sikyong (President) Penpa Tsering during the session on Wednesday said that he only sees “a cliff ahead” when it comes the project with regards to its limited funds, legal barriers in receiving funds among others.

“I have clearly told the share holders that we cannot guarantee the return of even their base investment in a few years as thing stand now. I do not have the courage to ask the others to jump when I can see a cliff ahead. I will put effort but only if there is hope,” the President said while fending off queries from MPs who questioned the resolve of the Kashag in continuing a project started by his predecessor.

A legislator questioned whether the move is politically motivated while another asked if he lacked determination to carry forth an initiative that may bear dividend in the long run.

Tsering said that 480 lakh INR has already been spent out of the 760 lakh INR capital of Gang-Jong Finance in fees for consultants, operational expenses and remuneration of its employees among others. The funds procured from the US government amounting to some 2500 lakh INR cannot be transferred into Gang-Jong’s account due to legal restrictions, the President further said.

The president proposed a parliamentary committee to carry out a probe on the matter and provide direction for his administration. “The Kashag (Cabinet) will proceed with whatever instruction the parliamentary probe provides whether it is carry on with the project or dissolve it, he said.

Gang-Jong Finance’s objective since 2017, to create a Tibetan banking system for the financial sustainability and self-reliance of Tibetans in exile, many say, is well intentioned and ambitious but is fraught with technical obstacles and unclear road-map.

Despite obtaining a license for NBFC (Non-Banking Financial Company) from the Reserve Bank of India (RBI), the company does not have an operational channel to receive funds from major contributors such as the US government and is a long way off the mark to raise 200 crore INR, the minimum capital mandated by RBI to begin operating as a bank.

8 Responses

  1. Always say this is not possible & that is not possible, then who is gonna take the main responsible for it leading our freedom struggle through Middle Way Approach. Be confident & face the challenges by putting the best efforts of yours Sikyong la. We all Tibetans are with you inside & outside of Tibet.

    Forget about certain insects who try to create disorder in the society. Use the opportunities, Make a good strategies & start executing those. Bodh Gyalo.

  2. Where is the project assessment report? Without it, how it could be justified. CTA has to follow local rules.

  3. After that exhaustively detailed understanding, analysis and presentation of the state of affairs of Gangjong Development Finance Private Ltd., by Penpa Tsering la in the Parliament, you can only come up with …”Penpa Tsering should leave his personal grudge against the former Sikyong…” says alot about your sad and pathetic mind.

    1. If calling a spade a spade seems a personal grudge to you, then people of your ilk you’re doomed.
      He illustrated to the world how it cost $460K to maintain or manage $700 K something by the former Kashag. Stop mixing apples with oranges.

  4. What a project for our parliamentarians to channel their energies otherwise wasted often on what seemed like chicanery for an useless petty political or selfish agenda, to save this enterprise to prove that we can manage financial system and make it going concern as a statement of functioning or at least putative state – no less.

  5. So sad… Only miseries are piling up… Penpa tsering should leave his personal grudge against the former sikyong and think about the rest of the Tibetans who are in need of financial assistance during tough times…
    He cut off so many benefits that former silyong had strived so hard to provide to the Tibetan people.. Penpa tseringla , forget about your next election campaign..

  6. Sikyong Penpa la, never scare of occupying the post. He is just feeling uncomfortable to perform his duties. That day is not far away, when tibetans have lost confidence!

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