Banking News – The government has made public the Ncell Share Purchase and Sale Study and Investigation Report, 2080, prepared under the coordination of former Auditor General Tankamani Sharma Dangol. The report was made public today following a Cabinet decision taken on Wednesday.

A five-member study and investigation committee was formed under the coordination of former Auditor General Tankamani Sharma Dangol, in accordance with the Government of Nepal (Council of Ministers) decision dated 2080/8/21, to investigate whether the purchase and sale of Ncell Axiata’s share ownership complied with prevailing legal provisions as well as international methods and procedures.

The committee included Government Secretary Fanindra Gautam, Joint Secretaries Ritesh Kumar Shakya and Baburam Bhandari, and Sujan Kumar Kafle, President of the Institute of Chartered Accountants of Nepal, as members.

The committee was formed after Axiata Group Berhad issued a press release on December 1, 2023, announcing the reported sale of share ownership in telecommunications service provider Ncell.

The government said a detailed investigation was necessary to determine whether the prevailing legal provisions and procedures had been followed and to assess the potential impact of the transaction on foreign investment in Nepal, telecommunications service delivery, and the government’s potential losses and damages under the Telecommunications Act and other prevailing laws.

The study also covered the potential impact of the transaction on government revenue, taxes, fees and other charges.