Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: In a session of the Finance Committee under the Federal parliament held on Wednesday to discuss the sale of Ncell shares, MP and also a Vice-Chairperson of Rastriya Swotentra Party, Dr. Swarnim Wagle insisted that a letter be sent to Vivek Sood, the CEO of Axiata, Ncell’s outgoing investor.
Dr. Wagle expressed concerns about statements made by Sood that could potentially harm Nepal’s international reputation, urging him to provide an explanation in the committee.
Simultaneously, Dr. Wagle demanded the presence of Satish Lal Acharya, a Singapore-based businessman of Nepali origin, emphasizing that the conditions surrounding Ncell’s share sale are unacceptable. He urged swift action to bring those responsible to the parliamentary court.
Dr. Wagle criticized the perceived misgovernance, stating that it has reached a critical point and called for immediate policy reforms, particularly in response to the crisis faced by Nepal Telecom alongside Ncell due to high charges. He emphasized the need to protect foreign direct investment (FDI) and expressed concern about investors like Axiata fleeing due to mismanagement.
MP Biraj Bhakta Shrestha echoed Dr. Wagle’s sentiments, highlighting the level of policy corruption revealed by Ncell and urging a detailed investigation into stakeholders, including political party leaders, bureaucrats, NTA officials, and Ncell Axiata authorities.
MP Deepak Khadka raised questions about legal loopholes and the need for stronger laws. He pointed out the apparent contradiction where ordinary citizens have to pay profit tax for property sales, but certain companies seem exempt.
He emphasized the importance of not forgetting issues of interest and concern, especially when dealing with substantial profits, and questioned whether Nepal truly lacks an investment-friendly environment.
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