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clickmandu Peoples' Review The Rising Nepal | Nepal's First English Broadsheet Daily.
3 sources · 3 articles
Started 4 days ago · Updated 4 days ago

Triveni Group Accused of State Financial Losses Through Privatization Deal

Photo · english.clickmandu.com

Nepal's influential Triveni Group is accused of causing millions in state losses by leveraging political influence in supplementary agreements after the privatization of the Nepal Tea Development Corporation. These agreements reportedly reduced rental obligations and waived interest payments, leading to significant financial detriment to the government. The state-owned corporation was acquired by the Triveni Group in 2000, with the government retaining a 35 percent stake.

  • The supplementary agreements allegedly slashed rental obligations and waived interest payments owed by the corporation.
  • The Nepal Tea Development Corporation, established in 1974, sold a 65 percent stake to Triveni Group in 2000.
  • Despite privatization intended to strengthen the tea industry, weak enforcement and controversial deals have raised governance concerns.
  • Millions of rupees in unpaid rent and interest remain outstanding to the state after 24 years of private management.
  • The corporation produces Nepal's "Tokla" tea brand and cultivates tea across 1,087 hectares.

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