KUALA LUMPUR (Jan 9): It would seem that Axiata Group Bhd s woes in Nepal did not end despite its 80%-owned Ncell Private Ltd already paying over US$420 million in capital gains taxes demanded by Nepalese authorities the last payment being the US$185 million “made under protest” last April and without prejudice to Ncell s and Axiata UK s position in an international arbitration against the Federal Democratic Republic of Nepal .
According to a report by the Centre of Investigative Journalism-Nepal (CIJ-Nepal) and Finance Uncovered, a British journalism organisation, Axiata appears to have part-financed its Nepali local partner’s purchase of the remaining 20% stake in Ncell in 2016.