Trust favours nationalisation of late king's property in Nepal

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Kathmandu, Dec 7 (UNI) The first meeting of the Board of Directors of Nepal Trust has decided to take initiative for the nationalisation of the late King Birendra and his family members' properties.

The Trust was formed with an objective to utilise properties owned by the late King, Queen Aishwarya and other family members at the time of their demise in different activities of national interest.

The meeting decided to formulate policies for utilisation of the properties and write to the Ministry of Land Reform and Management to transfer properties that were owned by the late King and his family members to the Trust, a statement issued by the Office of the Prime Minister and Council of Ministers said.

The meeting also decided to request Nepal Rastra Bank, Nepal Stock Exchange and other banks to provide the Trust the true descriptions of bank accounts, shares, debentures and cash held under their names.

The meeting also made decisions on personnel administration of the trust, the statement added.

UNI

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