Investing in offshore companies: Dhakal and Bajgain deny report, say they have complied with country’s law while running their businesses

- BIBEK SUBEDI, Kathmandu

Jan 18, 2019-

Two out of more than 50 Nepalis who have been found investing in offshore companies and bringing in foreign direct investment in Nepal from tax havens have defended themselves by saying they have complied with the country’s lawwhile running their businesses.

A Centre for Inve-stigative Journalism-Nepal report released on Wednesday said Chandra Prasad Dhakal, chairman of IME Group of Companies, owns International Money Express (IME) UK Limited, a British company, and Rajendra Bajgain, a central committee member of the Nepali Congress and a tourism entrepreneur, had brought foreign direct investment from the British Virgin Islands.

On Thursday, via a press release, Dhakal stated: “We have neither established companies in tax haven countries nor have we brought foreign direct investment from such countries. Also, we don’t have any account in the Swiss bank.”

Dhakal said IME UK Limited was established after obtaining approval from Nepal Rastra Bank. “It was established to bring in remittance from the UK and other EU countries,” he said. Likewise, Bajgain has said he has not flouted Nepali laws to bring foreign direct investment into the country.

The report said Bajgain channelised Rs1.755 billion into the country from the British Virgin Islands by Silver Heritage Group, a Hong Kong-based company.

Published: 18-01-2019 08:09

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