Biratnagar: All that glitters is not gold, goes a famous adage.

This saying has come to true in the case of an industrialist who claims himself to be one of the most sacrosanct industrialist and businessman of the country.

However, the fact is that this industrialist is not what he claims to be in effect.

The Biratnagar based Morang district appellate court has fined Hulas Wire Industries, a company run by Hulas Chandra Golcha, Rupees 6.1 million for having clearly misused the foreign currency facility awarded to this industries by the State.

Tej Bahadur karki, a justice of the AC, declared last Wednesday that the HWI had exceeded its limits that caused revenue damage to the State.

Reports say that the Wire industries had opened Letter of Credit two years back to use foreign currency to buy and import copper scraps from Bhilla Rosa Steel Company, Phillipines. However, the Biratnagar customs found stones, mud and the likes instead of the copper scrap.

A nervous and panick-stricken authorities of the industries opted to shift the blame onto the heads of the one Tiwrewala and Sons stating that it was this company that cheated the industries.

However, the fact is that the allegations were malicious and the Morang court acquitted Tiwrewala and Sons and Sharad Tiwrewala stating that for the import of the said copper scraps, the alleged persons had nothing to do.

The court ruling now makes it clear that the Hulas Wire Industries had a mal-intent and that the HWI had dared to cause revenue losses to the state deliberately and hence had to be fined as per the laws of the land.

The HWI was supposed to import 50 mt of the copper scrap.

Mr. Golcha happens to be the honorary consul general of the Republic of Poland, it is learnt.