House sub-committee finds irregularities in Taragaon Hotels

Published On: April 3, 2019 08:14 AM NPT By: Republica  | @RepublicaNepal

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KATHMANDU, April 3: A sub-committee of International Relations Committee of parliament has found irregularities in share ownership transfer and land ownership transfer of Hotel Hyatt Regency Kathmandu.

The sub-committee led by Lawmaker Agni Prasad Sapkota submitted its report to committee chair Pabitra Niraula Kharel on Tuesday. Among others, the sub-committee has recommended the committee to direct the Office of the Prime Minister and the Council of Ministers to carry out further investigations on land ownership and transfer as well as the decision to lease out government land to the hotel. 

“The Prime Minister’s Office should take decision on the matter of land ownership immediately,” Sapkota told Republica after submitting the report.

The report, however, has not been made public yet.

Sapkota told Republica that his sub-committee has recommended to the Commission for the Investigation of Abuse of Authority to look into overall financial matters of the hotel. 

The government had 39 percent stakes in Taragaon Recency Hotels Limited, which operates Hyatt Regency Kathmandu, when the company was listed on the stock market. However, government stakes at the hotel has now come down to only 9 percent. The sub-committee has found out irregularities in share transfers and rights issue of the hotel which lowered government’s stake in the company to 9 percent.

The sub-committee studied documents of the company for weeks and held as many as 14 formal meetings before finalizing its report. 

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