Kathmandu – The committee formed to investigate the purchase and sale of shares of Ncell has submitted a report to the Prime Minister Pushpa Kamal Dahal. The 5-member investigation committee formed under the coordination of former Auditor General Tankamani Sharma Dangal concluded that the purchase and sale agreement of Ncell cannot be accepted as it is.

Taking the report of the inquiry committee formed under the coordination of former Auditor General Tankamani Sharma Dangal, the Prime Minister said that the report will help the government to take the right decision.

It has been mentioned in the committee’s report that since Ncell started its business in Nepal, it has made 80 million foreign investments and 20 million domestic investments, and has earned more than one billion in profit annually and has taken more than 68 billion abroad under various headings. Similarly, it has been seen that the matter of more than 85 billion rupees that Ncell has to pay to the government of Nepal in taxes and non-taxes form is pending in different levels of courts.

The report says that the transaction mentioned in the Ncell Axiata share purchase and sale agreement between Axiata Group and Spectralite UK on 1 December 2023 is not based on the principle of equal commercial behavior and the seller side is dominant and has placed more than normal conditions on the buyer side. It has been mentioned in the report submitted by the investigation committee that the agreement cannot be considered as a favourable agreement as it is seen that conditions such as the right to sue, the company’s debt and liability are not on the seller.

The Secretary of the Government of Nepal Phanindra Gautam, Joint Secretary Baburam Bhandari, Joint Secretary Hrides Kumar Shakya, President of ICAN Sujan Kumar Kafle were in the investigation committee.