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Parliamentary review committee commences probe into Gang Jong Finance

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Parliamentary review committee starts probe into Gang Jong Finance's viability on Thursday in Dharamshala (Photo/CTA)

By Choekyi Lhamo

DHARAMSHALA, June 2: A parliamentary review committee to probe the viability of  ‘Gang Jong Development Finance Private Limited’ began its deliberation on Thursday. The 17th Tibetan Parliament-in-exile passed a resolution during the third session in March approving the formation of a ‘review committee’ consisting of five members to analyze the financial scope and risk-condition of the initiative. Speaker Khenpo Sonam Tenphel and Deputy Speaker Dolma Tsering Teykhyang were present to provide primary guidance for the investigation.

The parliamentary review committee consists of MP Dawa Phunkyi, MP Serta Tsultrim, MP Karma Gelek, MP Kunchok Yarphel, and a financial expert Rahul Joshi. The group is tasked to present a conclusive report on the existing realities surrounding the project, its financial prospects and whether it complies with the legal and investment requirements.

As per the CTA report, the committee’s findings should be submitted to the Parliament Secretariat before the fourth TPiE parliament session, which is scheduled in September. The committee has unanimously appointed U-Tsang parliamentarian Phunkyi as the Chairperson and Dotoe MP Tsultrim has been appointed the Secretary.

The incumbent CTA President Penpa Tsering during the last session expressed doubt over the project, saying he will “put effort but only if there is hope”. A detailed discussion then followed in the parliament with some MPs rejecting the argument, accusing the move as being politically motivated.

Gangjong Fin. is an initiative under the Department of Finance, Central Tibetan Administration, which started in 2015 under the 15th Kashag led by former president Dr. Lobsang Sangay with the objective of boosting the economy of the Tibetan exile community by lending money to Tibetans. As per official sources, the initiative received a Certificate of Registration (CoR) from the Reserve Bank of India on December 13, 2018 as a Non-Banking Finance Company (Non-Deposit Taking).

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