“Collection of sale and purchase details of Ncell stakes is underway”

KATHMANDU, DECEMBER 6: Ncell Axiata Limited, a private mobile service provider in Nepal, has stated that it is collecting documents regarding the sale and purchase of its shares. This comes in response to the Nepal Telecommunications Authority’s (NTA) request for details about the sale and purchase of its majority stakes, which has raised questions about the Malaysian company’s exit from Nepal.

NTA Chairperson Purushottam Khanal, in a meeting of the finance committee, confirmed that the authority had received the response from Ncell. The NTA had written to Ncell on December 1, seeking details of the sale and purchase of its shares, and received the response from the company on December 5. Ncell mentioned in its letter that the process of collecting related documents was underway and would be submitted to the respective body within the existing laws of Nepal.

Khanal stated that the NTA would launch further investigations if there are suspicions regarding the sale and purchase of Ncell’s stakes. The finance committee had sought a response from the NTA about arrears of over Rs 2.2 billion owed by nine telecommunication service providers, and the arrears were required to be recovered within three months.

Lawmaker Dr. Swarnim Wagle from the Rastriya Swatantra Party demanded that the management of Ncell be brought to the finance committee for an inquiry into the matter. Other lawmakers, including Dipak Khadka, Biraj Bhakta Shrestha, Ganga Karki, and Purna Bahadur Tamang, also called for serious investigations into the issue.