Kathmandu, January 20
Managing Director of Chaudhary Group Arun Chaudhary has refuted claims that he and his family members have invested in a firm in British Virgin Islands, a tax haven.
His statement comes several days after the Centre for Investigative Journalism (CIJ) Nepal and International Consortium of Investigative Journalists (ICIJ) released a report stating 55 Nepalis had invested in shell companies in tax havens like British Virgin Islands. Nepal does not allow its citizens to invest abroad.
The report had said Chaudhary and his family members had made investments in an entity called Ursine Limited Company in British Virgin Islands.
In a statement issued today, Chaudhary said such news were also published three to four years ago and that he had clarified about his innocence. He informed that the company that has been mentioned in the CIJ report was established 15 years ago and had been struck off about seven years ago.
Through the statement, Chaudhary has stated that neither he nor any of his family members have invested in the company that has been mentioned in the report and that they do not have any connection to it. In fact, Chaudhary said that neither he nor any of his family members who have been mentioned in the CIJ report have ever travelled to British Virgin Islands, which can be verified after checking their travel record.
Chaudhary also informed that the company in which the report states that his sons have made investments was established when they were just 10 years and five years old, respectively.
He also mentioned that some people could have misused his or his family members’ names to establish the company in the tax haven and this issue should be investigated.
Reports that he has investments in two companies in Guernsey, which is also another tax haven, are also false, claimed Chaudhary. He also clarified that he has no account in any Swiss bank, has not invested in any ‘tax haven’ and that no investments have been made in CG Holdings from any tax haven.
Chaudhary also stated there has been no foreign direct investment till date in any of the companies that are being operated under his leadership. He informed that besides he and his wife there has been no investment made by any third party in the companies that have been set up by him in the country. He further stated that if anybody can prove that there has been foreign investment in any company that he runs then that company can be nationalised.
Chaudhary mentioned that he and his family are aware of the regulations that bar Nepalis from investing abroad and have always adhered to them and would never do anything that goes against the country’s law.
A version of this article appears in print on January 21, 2019 of The Himalayan Times.