Nepal | June 05, 2020

Chaudhary refutes claims of offshore investment

Himalayan News Service
Share Now:

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.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Traders defy lockdown as patience runs thin in Nepal

Durbar Marg shops to open from today Other traders, businesses also defiant KATHMANDU, JUNE 3 With no end in sight to the nationwide lockdown imposed on March 24 that has effectively halted all economic activities for the past two-and-a-half months, traders, firms and industries have be Read More...

Mahakali Hospital isolation ward filled with COVID-19 patients

KANCHANPUR: At least fifteen COVID-19 patients have been admitted to the isolation ward of Mahakali Hospital in Bhimdattanagar Municipality, Kanchanpur district. The isolation ward has a capacity of 20 beds. The hospital has started treatment of COVID-19 since Tuesday. Seven persons — reside Read More...

The office of the prime minister and council of ministers, OPMCM

Evacuation of Nepalis likely to begin Friday

KATHMANDU, JUNE 3 After the plan to evacuate stranded Nepali citizens from several countries was approved by the Cabinet a few days ago, the government is gearing up to bring them home on priority basis from Friday. Narayan Bidari, secretary at the Office of the Prime Minister and Council of M Read More...

Home isolation for asymptomatic, mild Covid cases

KATHMANDU, JUNE 3 The Ministry of Health and Population has directed hospitals to send home patients infected with the novel coronavirus who show mild or no symptom of the disease so that hospitals can treat severe cases of COVID-19. Hospitals treating COVID-19 patients have also been told to Read More...

Nepal govt may declare state of public health emergency as coronavirus cases rise steadily

KATHMANDU: The Ministry of Health and Population is mulling over proposing to the Council of Ministers to declare state of public health emergency in the country following a surge in the number of COVID-19 cases in the country. Section 48 (2) of the Public Health Service Act states that if public Read More...

COVID-19 curve flattening in Narainapur

NEPALGUNJ, JUNE 3 The COVID-19 spread seems to have come under control in Narainapur Rural Municipality, Banke, which had emerged as a coronavirus hotspot after a number of people tested positive for the virus here earlier. According to the district’s corona focal person Naresh Shrestha, it Read More...

Frontline workers to get hazard allowance

KATHMANDU, JUNE 3 The Government of Nepal has published ‘Hazard Allowance Management Order for Human Resources Involved in the Treatment of COVID-19 Infection’ in Nepal Gazette for its implementation. The order aims to provide hazard allowance to the human resources involved in the identif Read More...

Kathmandu Medical College sealed

KATHMANDU, JUNE 3 Kathmandu Medical College Teaching Hospital in Sinamangal has been shut for an indefinite period after two of its health workers contracted COVID-19. The hospital’s Medical Director Dr Mukunda Raj Joshi issuing a notice today, informed that the hospital would be closed for Read More...