Foreign companies leave with 7.25 billion in the form of dividend within a year

Kathmandu January 31- Foreign investment companies operating in Nepal have walked off with nearly Rs.7.25 billion from the country's treasury. The amount has been earned as dividend distributed from net profit as of the companies operating with foreign investment.

At the same period, NRB granted permission to send the money out of the country to the companies involve in different sectors of economy as Foreign Direct Investment (FDI).

According to NRB, till the five months of current fiscal year, nearly Rs. 1.51 billion has left the country through the companies dealing with financial, communicational, hydropower, industrial and service sector in the form of dividend.

Hydropower sector companies are forefront in the list to take away the highest amount from Nepal as dividend in previous FY. This sector has left with Rs. 2 billion 874 million 500 thousands dividend to its parent country.

After Hydropower, industrial sector companies have left with Rs. 2 billion 299 million dividends in last FY. Companies like Unilever, Dabur Nepal, Arati Strip, Surya Nepal have foreign investment.

Financial sector is also one sector that sent maximum amount of money out of country as dividend. This sector has sent Rs. 1 billion 794.4 million as dividend away from the country. Currently, NB international Ireland has 50% investment in Nabil Bank, SB group UK and Australia has 75% in Standard Chartered Bank, Habib Bank, Pakistan have 20% in Himalayan Bank and SBI, India has 55%in Nepal SBI Bank.

Similarly, Communication sectors has sent Rs. 4 million as dividend from the FDI in telecommunication sector like Ncell, smart, UTL, Nepal Satellite, and STM. Among these, Ncell has been restricted to take dividend in their respective country due to failure to disclose the actual source of funds.