Government will investigate the money kept in foreign banks: PM Oli

- Sanjaya Lama, Kathmandu

Jan 18, 2019-

Prime Minister KP Sharma Oli has said that the government will investigate into the money Nepalis have invested in offshore companies.

Responding to the questions floated by lawmakers during the first ever question-answer session of the Parliament on Friday, PM Oli said that the government can divulge the fact about the money kept by the Nepalis in Swiss Bank only after the conclusion of the investigation.

During the session, Nepali Communist Party lawmaker Khagraj Adhikari asked the government about its preparations to investigate the money Nepalis have kept in foreign banks and maneuvering to whitewash black money.

Saying that the financial activities should focus on national interest and the government is committed for the same, PM Oli said that the government can divulge the details on media coverage regarding investment in offshore companies only after the investigation.

“Some people accused of investing money in offshore companies have defended themselves by saying that they have complied with the country’s law while running their businesses. They said that government can confiscate their money if the news reports are true,” PM Oli said, adding, “It is not necessary that all the news covered by the newspapers are true. And also we cannot ignore the news report. The fact will be disseminated after thorough investigation.”

The main opposition Nepali Congress lawmaker Dilendra Prasad Badu asked the government if this issue would be raised during PM Oli’s upcoming visit to Switzerland.

Read: How businessmen used Ncell to launder black money to Nepal

The Prime Minister said that the government has taken the reports of Nepalis parking their money illegally in foreign banks in a serious way and will investigate in a fair manner to find out the fact.

PM Oli is scheduled to visit Switzerland on January 20 to attend a conference on Annual World Economic Forum.

An investigation by the Centre for Investigative Journalism had found that over 50 Nepalis have invested in offshore companies, exploiting secretive tax regimes and breaking Nepal’s law which bars investment in foreign countries.

Read: More than Rs50b mopped out of financial system

Published: 18-01-2019 16:28

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