Tenzin Nyidon
DHARAMSHALA, Sept. 22: The future of Gangjong Development Finance Private Limited, a banking system introduced by the Dr. Lobsang Sangya presidency, remained under discussion on the sixth day of the 18th Tibetan Parliament in Exile on Tuesday, with parliamentarians questioning whether the enterprise’s proposed closure adequately considers its long-term financial potential and possible benefits to the Tibetan community.
Parliamentarian Kunchok Yarphel said Gangjong Finance had originally been established with a specific purpose and argued that any decision concerning its future should be based on a clear assessment of its financial performance rather than differences between successive Cabinets. He questioned whether the enterprise had ultimately incurred losses or generated returns since its establishment.
He also cautioned against closing an enterprise that could potentially contribute to the Central Tibetan Administration (CTA) and community in the future, saying such a decision could later be regretted. He called for the matter to be reconsidered from the beginning, with particular attention to the enterprise’s financial record and long-term viability.
Responding to the concerns, Finance Minister Tsering Dhondup outlined the department’s efforts since the 17th Tibetan Parliament in Exile passed a resolution in March 2024 calling for Gangjong Finance to be transformed into an independent entity within two years, failing which its closure could be considered.
According to the Finance Minister, the department subsequently explored various possibilities for transferring the enterprise into independent management and held discussions with relevant stakeholders. However, efforts to identify an organisations willing and capable of assuming responsibility for Gangjong Finance did not yield a concrete outcome.
The minister said the enterprise’s operational capacity had also weakened considerably over the years. Although around 10 employees had remained at one stage and received training to strengthen their ability to manage its operations, most resigned in 2022, leaving only one employee from that period to continue maintaining the service with support from the Department of Finance.
The department subsequently approached the Tibetan Chamber of Commerce in 2024, including its chairperson and executive members, to explore whether the Tibetan business community could take over and sustain the enterprise. The Finance Minister said the department viewed such a transition as potentially beneficial to the wider Tibetan economy, given the business community’s experience in financial and commercial management.
However, the proposal did not materialise. The minister said further discussions were held this year, including renewed appeals in April, before the Tibetan Chamber of Commerce eventually communicated its response in August.
Meanwhile, preparations for closure had already begun, following a resolution passed by the 17th TPiE designating 2026 as the year for Gangjong Finance to be wound up. The minister said, however, that subsequent expressions of interest from individuals willing to invest capital and continue the institution had led the Department of Finance to reconsider whether the closure should proceed immediately as planned.
The minister clarified that no final decision has yet been taken. “As Gangjong Finance has 25 shareholders, the shareholders’ position remains central to determining its future,” he said. The Department of Finance has therefore contacted the shareholders to obtain their views before proceeding. Of the approximately 16 or 17 shareholders who had responded by Tuesday, the majority, according to the minister, had expressed support for closing the enterprise.
The Finance Minister said the Department intends to consolidate the shareholders’ views before convening an Annual General Meeting by the end of September. The matter will then be placed before the shareholders’ meeting, where any decision reached will determine the subsequent course of action.
The minister nevertheless acknowledged that, given recent developments and the enterprise’s potential value to the Tibetan community, the department considers it appropriate to examine the matter once more before proceeding with closure.
