The acquisition and sale of businesses in Nepal have lately been shrouded in an atmosphere of doubt and suspicion, leaving the public questioning the integrity of such transactions. The most recent case involving Ncell, a prominent private sector telecommunication service provider, has once again highlighted the need for the government to address the existing loopholes in the legal system to prevent the recurrence of such practices in the future. Under the current legal framework, Ncell should automatically become the property of the Government of Nepal after six years. However, transactions involving the buying and selling of Ncell shares have occurred before the stipulated period, raising eyebrows and prompting concerns about potential exploitation of legal loopholes. The apparent purpose of these transactions, selling at a significantly lower value than the company's real worth, raises suspicions of deliberate attempts to undermine the nation's economic interests.
This is not the first time Ncell has been embroiled in such controversies. Previous instances have led to re-evaluations and tax disputes, signaling a recurring issue that demands urgent attention. It is evident that certain business entities exploit connections with influential leaders to secure favorable deals, thereby benefiting themselves at the expense of the nation. This pattern of behavior not only raises ethical concerns but also undermines the economic interest of the country. In response to the latest Ncell controversy, Prime Minister Pushpa Kamal Dahal has directed an investigation, demonstrating a proactive approach to address the issue. However, it is disconcerting to note that the leaders of the ruling alliance seem more active than the state agencies tasked with overseeing such matters. Past cases involving Ncell have also fueled suspicions of political connections, prompting a need for a more impartial and rigorous investigation.
NTA instructs Ncell to pay Rs 19 billion, warns of revoking lic...
Nepal Telecommunications Authority and other relevant agencies must take a strong stance and actively engage in the ongoing investigations in order to ensure transparency and accountability. It is essential to prioritize the interests of the state over political considerations. Furthermore, adherence to legal protocols must be strictly enforced, with all parties involved being informed and approvals obtained in a transparent and lawful manner. The controversy surrounding Ncell's recent sale, particularly involving non-resident Nepali businessman Satish Lal Acharya, raises concerns about the potential attempt of the company from falling under the government’s ownership. The sale of an 80 percent stake in Ncell by Axiata, owned by the Malaysian government, brings into question the suitability of Nepal for foreign direct investment. This casts a shadow over the nation's image, hindering its ability to attract international investment.
Moreover, the utilization of Nepal's national property, the 'radio spectrum,' by Ncell for profit-making purposes has created an environment conducive to political corruption. Rather than fostering an atmosphere where the business could eventually come under national ownership, the current situation seems to deter such a positive outcome. This not only raises questions about the commitment to good governance but also threatens the nation's reputation on the international stage. The government must take immediate steps to address the issues surrounding the controversial deal, ensuring that legal loopholes are closed, and the integrity of business transactions is upheld. This will not only safeguard the nation's economic interests but also restore confidence in its ability to attract responsible and ethical foreign investments. It is high time for the government to demonstrate its commitment to good governance and rectify the flaws in the system to prevent similar controversies from tarnishing the country's image in the future.
