Kathmandu, Dec 5: The government of Nepal has released an official opinion regarding the purchase and sale of Ncell’s, a private telecom company, share ownership.
Issuing a press release Tuesday evening, government Spokesperson and Communications Minister Rekha Sharma has said that if any irregularity is found through the study and investigation, the government will immediately take strict action against all concerned under the law.
In the statement, it is also mentioned that the Government of Nepal is committed to protect the interests of Nepal and Nepali people and ensure compliance with prevailing laws.
In addition, the government has said that it will conduct a detailed study and investigation on the prevailing legal provisions regarding the purchase and sale of shares and compliance with international methods and procedures, and the impact of such activities on Nepal’s telecommunication sector and foreign investment, as well as on the revenue of the Government of Nepal.
Even, Prime Minister Pushpa Kamal Dahal Prachanda has also instructed the relevant agencies to investigate the matter and publish the facts.
According to reports, the Axiata group from Malaysia has sold it’s share to newly established UK based Spectrelight company. Satish Acharya owns the Spectrelight company. After citing heavy losses, the Axiata has sold the entire share at around Rs. 6 billion, which itself a doubtful transaction.
The Axiata holds the 80 percent stake in the Ncell company.
