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Showing posts from December, 2023

Ncell in hot soup

The Himalayan Times 22 December 2023 Ncell in hot soup Ncell, the private sector telecom giant, has again come under scrutiny after its parent company, Axiata Group (AG), announced on December 1 that it was leaving Nepal by selling its stake in the company citing increasing challenges in the operating environment. It blamed the current conditions of unfair taxation and regulatory uncertainties, which have directly affected its longer sustainability in the country. Sensing suspicion of potential tax evasion, the Inland Revenue Department (IRD) has initiated an investigation into its exit. The controversy surrounds Axiata's sale of its 80 percent stake in Ncell to Spectrlite UK for a seemingly undervalued amount of US$ 50 million (Rs 6.5 billion). In the meantime, the government has formed a high level investigating committee to thoroughly probe the doubtful transactions and submit its finding to the government within 30 days “Government forms panel to probe sale of Ncell sh