KATHMANDU, April 7: A parliamentary committee has directed the government to take immediate steps to regain the 150 ropanis of land it had leased to Taragaun Regency Hotel Limited.

A sub-committee of International Relations Committee of the parliament has directed the Office of the Prime Minister and Council of Ministers to terminate the lease after finding out that the transfer of rights and land lease were against the provisions of Land Management Act, 2064 BS.

The decision comes after the sub-committee on April 3 recommended the Office of the Prime Minister and Council of Ministers to look into ownership transfer after finding irregularities in share ownership transfer and land ownership transfer of Hotel Hyatt Regency in Kathmandu.

The government had 39 percent stakes in Taragaon Regency Hotels Limited, which operates Hyatt Regency Kathmandu when the company was listed on the stock market. However, government stakes at the hotel have now come down to only 9 per cent due to unscrupulous activities on the part its private shareholders.

The sub-committee has found out irregularities in share transfers and rights issue of the hotel which lowered the government’s stake in the company to 9 per cent.

Earlier, the sub-committee led by Lawmaker Agni Prasad Sapkota submitted its report to committee chairperson Pabitra Niraula Kharel. Among others, the sub-committee has recommended its full committee to direct the OPMCM to carry out further investigations on land ownership and transfer as well as the decision to lease out government land to the hotel. 

Also read: Taragaun Regency Hotels: Hyatt Hotel land lease needs urgent revision- Taragaon president

 
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