Ncell Demands Rs 4.6 Billion Refund or Ownership in Smart Telecom Asset Auction Probe

Ncell has demanded either legal ownership of Smart Telecom assets or a refund of Rs 4.6 billion from Nepal Investment Mega Bank amidst an investigation into the alleged illegal auction of state-controlled telecommunications assets. The Central Investigation Bureau (CIB) is probing the case, which led to the arrest of Nepal Investment Mega Bank CEO Jyoti Prakash Pandey and former Smart Telecom chairman Sarbesh Joshi.

Ncell stated it could not obtain ownership of the Smart Telecom equipment and infrastructure purchased through the auction process, despite paying Rs 4.6 billion.
The Nepal Telecommunications Authority informed Ncell that the auction and transfer process did not comply with the law.
Smart Telecom's license was automatically canceled on April 16, 2023, after failing to renew it, leading to its assets coming under government control.
Nepal Investment Mega Bank claims the auction was conducted under prevailing banking and secured transaction laws for loan recovery purposes.
The CIB has also arrested Palina Shrestha and Narendra Ulak in connection with the auction process.

Timeline (5)

Latest · Oldest

1 week ago

techpana.com

Smart Telecom Auction Scandal Deepens After Ncell Seeks Rs 4.6 Billion Refund

1 week ago

en.himalpress.com

Investor confidence hit by arrests of business figures: FNCCI

1 week ago

techpana.com

Rs 4.6 Billion Telecom Deal Under Investigation as CIB Collects Documents from Ncell in Smart Telecom Asset Probe

1 week ago

techpana.com

Surkhet Police Arrest Three, Including a Teacher, Over Online Betting Fraud

2 weeks ago

english.nepalpress.com

Nepal Investment Mega Bank CEO Pandey arrested

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Ncell Sarbesh Joshi Central Investigation Bureau Nepal Investment Mega Bank Jyoti Prakash Pandey Smart Telecom

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