Ncell seeks refund of Rs 4.5 billion from NIMB over Smart Telecom equipment deal
▸ Part of: Nepal Rastra Bank maintains monetary policy, to review Standing Deposit Facility provisions
Ncell has requested Nepal Investment Mega Bank (NIMB) to refund approximately Rs 4.5 billion paid for Smart Telecom's auctioned equipment due to regulatory complications. Ncell stated that despite its bid being approved, it cannot formally acquire the assets because of legal and regulatory issues. The Central Investigation Bureau of Nepal Police is investigating alleged irregularities in the auction process, and former Smart Telecom Managing Director Sarvesh Joshi and NIMB CEO Jyoti Prakash Pandey have been taken into custody.
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