CIJ story: Nepal connection of tax havens (with full report)
January 16, 2019 08:51 PM NPT
Nepali companies are bringing suspicious Foreign Direct Investment from tax haven countries
KATHMANDU, Jan 16: The International Consortium of Investigative Journalists (ICIJ) leaked the Panama Papers in 2017, exposing how a vast amount of dirty money hidden by offshore companies in tax haven countries is finding its way to various countries as Foreign Direct Investment (FDI).
After the biggest ever leak of secret financial documents, the Centre for Investigative Journalism (CIJ) Nepal began investigating whether Nepal is also receiving suspicious FDI from tax haven countries. Our investigation has revealed how suspicious FDI is being channeled into Nepal’s cement, betel nut and tobaccoindustries and hospitality sector from tax haven countries.
The CIJ investigation shows two of the 12 companies where Saurabh Group has brought suspicious FDI from tax haven countries like the British Virgin Islands, the UAE and Hong Kong.