Himal Press 
KATHMANDU: Minister for Home Affairs Sudan Gurung has rejected allegations of irregularities in his share investments, arguing that all his transactions were conducted in accordance with existing laws.
In a social media post on Monday morning, Gurung urged people to assess the controversy surrounding his investments based on facts and evidence rather than rumours.
Nepali news portal Diyo Post, among others, reported on Sunday evening that Gurung had concealed share investments worth Rs 5 million in two microinsurance companies. “I have already disclosed investments exceeding Rs 20 million in the securities market in my property declaration. Investments in Star Micro Insurance and Liberty Micro were included within the same category,” Gurung said. “Someone intending to hide assets would not openly declare investments worth millions.”
Addressing concerns about his investment in securities before assuming office at the home ministry, Gurung insisted that investing in the stock market is allowed by existing laws. “All transactions were carried out through formal banking channels. Full records are available for verification,” he added.
The National Insurance Authority (NIA) issued licenses to seven new microinsurance companies—three micro life insurance companies and four micro non-life insurance companies—in the last week of November 2022. All seven licenses were issued due to strong political lobbying by Deepak Bhatta and Sulabh Agrawal of Shanker Group, both of whom are facing money-laundering investigations. As per a Himal Khabar report published two years ago, Shanker Group has direct or indirect investments in six of these seven companies.
Commenting on the source of funds, Gurung said the investment was financed through a loan and processed via the banking system.
Responding to allegations of partnership with controversial individuals, Gurung argued that owning shares in a company with thousands of shareholders does not constitute a partnership. “If that logic is applied, all investors in the same company would have to be deemed complicit,” he added.
Regarding claims of conflict of interest, Gurung said the authority to investigate such matters lies not with the home ministry but with the Department of Money Laundering Investigation under the Ministry of Finance. “The agency is handling the matter as per the existing. I have not interfered in any way in the investigation,” he added.
