Keep Ncells’ share purchase agreement on hold, PAC tells govt

KATHMANDU: The Public Accounts Committee (PAC) of the House of Representatives has instructed the government to keep on hold the agreement that Malaysian firm Axiata reached with UK-registered Spectrelight Limited for the transfer of its entire 80% stake in Ncell.

The meeting held on Wednesday termed the agreement as unrealistic, opaque, and unreliable, prompting a call for a comprehensive investigation. “It is necessary to conduct a detailed investigation regarding the purchase, sale, or transfer of rights of 80% of Ncell’s shares under foreign direct investment, which is said to have happened recently. Therefore, the committee directs the government to keep all the works related to the purchase and sale of shares on hold until it reaches its conclusion about the deal. The meeting also directs the government to carry out an independent investigation within 30 days to find out all the details of the agreement,” the committee said in its decision.

The committee also directed the government to furnish all details of the share purchase agreement and make publicly share its perspective within 48 hours regarding assertions that foreign investment is at risk in Nepal.

The committee also decided to invite Prime Minister Pushpa Kamal Dahal to attend the committee meeting for a discussion on the share purchase agreement.